The tools and skills every analyst should have

Hey fellow monkeys,

I just recently started as a Finance analyst for one of the consulting firms and have set myself the goal of learning as many tools and skills as I can.

I have done quite a bit of research online however most say 'presentation skills, communication' etc which are just too general. I am looking for 'specific' tools I can learn or skills to develop.

So far I am working on:
- Excel: Pivot tables. Maybe I should look at commonly used formulas next?
- Mnemonics: Also for general every day use
- Different kinds of project planning and management tools (that I have used/can find at my firm)
- Joining Toastmasters.

So, I put it to you all out there, what tools and skills would be useful both at the analyst level and beyond that? Being specific (i.e. staying away from terms like 'analytical skills') would be appreciated.

 
Best Response

Trying to learn specific things is a waste of time in my opinion - what you actually do and need will be learnt on the job. Instead, I would try and focus on what are (in my opinion) two of the most important skills:

  • Efficiency - You touched on this with Excel but just learning how a pivot table works isn't that helpful, it can be learnt in 10 minutes. Make sure you know all the useful keyboard shortcuts in Excel and Powerpoint, how to fix common problems (i.e. margin size, line spacing, before/after spacing, aligning all objects) and that you are a literal wizard with these programmes. Learning formulae is all well and good but unless you can work quickly and efficiently, it wont show. The one exception I'd add here is learn INDEX MATCH.
  • Accuracy - no matter what you're doing, be it putting together an advanced model from scratch or simply updating a contact list, make sure it is 100% correct. People will always be making changes to the work you do, but make sure that it's only because they've changed their mind and not because you've done something wrong. This will build up your reputation and gradually you'll be given better and more interesting tasks.

TL;DR - Learn efficiency and accuracy, not specifics.

You should use the resources provided by Wall Street Oasis. Namely, the excel modelling skills.

Also, read the WSJ everyday and discuss the most interesting articles with friends, professors, or coworkers.

You should be confident in the skills you have, which you represented on your resume to get the job, and do your best to learn the rest when you start.

 

I'd put PowerPoint at the top of the list. You'll probably be producing 100+ slide decks. To be more specific, becoming good at PPT involves more than knowing the shortcuts -- it includes storyboarding/storylining, using the right diagrams/visuals, writing good headlines/copy, etc. This is a good book on creating consulting decks - http://learnppt.com/ebook.php

For Excel, I've found it very useful to know some basic Excel VBA. This really helps in automating, because there's a lot that pivot tables and formulas either can't do or do too inefficiently (i.e. will crash your Excel).

 

Read the FT also.

Accuracy is the most important aspect. Be able to read annual reports and other financial data effortlessly. Know what traps to look for in that can often be found in the "notes" section - off balance sheet commitments, restructuring, etc.

 

Efficiency! The truth is quicker you can get stuff done, the quicker you can put in front of clients/managers, and the quicker you can get feedback, and the quicker you can refine and build on your mistakes. Best way to build efficiency is by learning how to work the tools you have.

For excel, pivot tables are fine, but on a scale of 1 -5 i would rate those skills as noob level (although i tried the powerpivot extension which you have to download. Thats more useful but since most people won't have the extension downloaded, it is really for your personal use). learn hotkeys, someone mentioned INDEX MATCH, thats a life savior. if you can learn how to mix that up with ARRAY formulas, VBA scripts, and table formatting you can do magic in excel.

powerpoint is a little trickier because even if you learn all the tools and shortcuts, theres a decent amount of creativity that goes into it. e.g. you can learn to use a brush and paint and canvas, but doesnt mean you can make good decks. this is where efficiency helps because the more feedback you can get the better your decks will be. i look at some of my work from 3 years ago and i would be embarrassed to present it now. I posted some tips here: http://writingintransit.wordpress.com/2013/03/20/the-delicate-art-of-ma…

If you are specializing in a certain area, it obviously helps to read up on that industry/function. WSJ, Economist, FT are all good general resources but most industries have specialized publications - pick those up.

finally i would say dont be afraid to ask questions and be wrong, especially internally (in front of clients be mindful of who you are talking to. e.g. dont walk in to a strategy session and ask whats SWOT). if you dont understand something, ask for clarification or an explanation. I have found most people are happy to keep talking anyway so they tend not to mind answering INTELLIGENT questions. but be respectful of peoples time. if you have 10 questions, compile a list and set up a meeting rather than bugging the person every 2 minutes.

 

COOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOooool

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.
 

This website has some good material for wall street preparation. You should check them out. But basically an analyst's core skills should include:

-Being able to make powerpoints look pretty -Being able to be someone's slave -Being able to work up to 21 hours a day

these skills will go super far in the world of finance

I didn't say it was your fault, I said I was blaming you.
 

Being a Financial Analyst for F500 is like being a pizza delivery guy... There are a few types: 1) The guy that doesn't know where he's going, has to call back to the shop for directions. When the pizza finally arrives, it's cold and no one is hungry. 2) The guy that arrives on time; but, when I open the box, the pizza is mushed and the all the delicious toppings are stuck to the box. Plus, dude forgot the garlic sauce! 3) The guy that delivers the pizza and everything is as expected. 4) The guy that comes early, sets the table, pours me a drink, and lights the candles. The pizza is just as I expect it; hell, he brought me extra garlic sauce. I love that shit. Which pizza guy are you?

I'll do what I can to help ya'll. But, the game's out there, and it's play or get played.
 

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Zhc

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