Why Cross-Functional Knowledge Can Help Your Career

Today, it is not enough to have mastery of one subject area, such as accounting, finance, business, or technology. Employers are looking for candidates who have cross-functional knowledge to go along with a specialization. A lot of attention has focused on the fact that financial firms want candidates who can use computers to enhance their research and analytical capabilities, handle vast datasets, render probabilities, and assess the impact and quality of inputs. With the focus on technical knowledge, there can be a tendency to overlook employers’ needs for other valued skills, including the ability to assess the local impact of global events, filter noise, assign appropriate levels of magnitude, evaluate potential opportunities, and translate complex financial concepts into easy-to-understand language.

With all these variables, job candidates face a significant challenge to present their skills and credentials in a way that will be persuasive for hiring firms. “A lot of banks will talk to you about record applicants, but they probably won’t talk to you about the attrition rate,” says Jade Bouhmouch, CFA, previously a senior analyst at Bank of America Merrill Lynch. “How many of those are staying to move up to partner level as opposed to going somewhere else?”

In this article, several CFA charterholders explain how they acquired various skills to complement their financial prowess and positioned themselves to advance in their careers.

It is relatively easy to prepare for interview questions such as “Tell me about a stock you’ve invested in” or “How would you handle a translation between IFRS and GAAP?” But job candidates need to be prepared to handle stress in disconcerting interviews. One CFA charterholder says he was once asked to explain his most controversial view. In retrospect, he believes it was a clever question because investors need strong analytical capabilities to make good decisions, but they also need to be able to stand by them.

Another CFA charterholder had to respond to this challenge from an interviewer: “10 other candidates have more experience and probably could do the job better than you, so please describe how you can compete.” Being asked a question like this could be demoralizing because candidates perceive that the interviewer has already decided that they are not qualified for the role.

In such situations, Bouhmouch asks for a description of the qualifications the interviewer feels he does not have. He responds with examples of how he has succeeded in those specific tasks or tells them how he would go about dealing with them. He asks for feedback after an interview so he understands the specific skills the interviewer perceives as valuable and necessary for the role. He also uses that information in his next interview or on his resume.

For Buckley, the CFA Program was the key to a successful interview. He was asked questions about concepts, such as indexing versus active management. The sections in the CFA Program curriculum about asset allocation, asset location, and how to combine index funds with actively managed funds to build a portfolio gave him the confidence to answer those types of questions.

“I think the CFA Program went way above and beyond,” he says. “I felt prepared for the interviews and any technical question.”

The CFA Program curriculum provides a skillset (including a body of professional ethics) to operate in the current environment. At the end of it, charterholders are equipped to establish a reference point for their value in the market.

Many CFA charterholders did not have a career plan when they began studying for the exams, and some do not have one now.

Buckley knew he wanted a career in finance before he began pursuing the CFA charter, but he was not sure what he wanted to do within the field. He knew the program would open up doors within the industry and provide many options. “The CFA Program helped me to make the transition,” he says. “Even though I was still on Level II at the time, it made me stand out as a candidate when I was applying for those roles.”

Kennedy had partially completed an MBA when he started the CFA Program. He enjoyed the finance coursework, so he thought getting the CFA charter would provide a solid foundation to signal his interest in finance to the banking world. His tactics worked.

“Just being a candidate for Level I, people started talking to me,” he says.

His career plan always has been dynamic, but the CFA charter has given him a broader view of what is possible in finance and banking. It has also helped him to develop a more strategic plan for what he wants to accomplish in his career.

Sood pursued the CFA charter and MBA simultaneously, although he started the CFA Program first. In his opinion, each provides unique benefits.

“With the CFA charter, you can target investment management and certain other roles, such as corporate finance and corporate development,” he explains. “The MBA will give you broader experience because you learn about finance, strategy and operations, but there is some overlap between the two in finance.”

Obtaining the CFA charter enabled Bouhmouch to transition from a business development role to an analyst role, rising to the level of senior analyst. Gaining more in-depth financial knowledge provided him with the tools to do his job better and explore available career options. However, in his opinion the industry is focused too much on titles rather than responsibilities. That makes it difficult for someone to shift gears, even if they try to take on responsibilities that will help them build the skills an employer might desire. That is why he is now pursuing an MBA to complement his CFA charter.

“It’s easy for us, especially at an abstract level, to get lost in the line items instead of really looking at the inherent business,” he says. “Employers want to know that you understand what’s actually behind a line item and that you can translate that into a broader vision of the business.”

They all agree that mentors can help analysts improve their skills, identify areas of weakness and turn them into strengths, add value to clients, and figure out the next steps in their career. They can also help analysts build relationships with individuals who work in jobs they are curious about.