In a field where numbers and data reign supreme, it can be easy to overlook the importance of interpersonal skills, that’s why Emotional Intelligence (EQ) is becoming increasingly important in today’s workplace, and the finance industry is no exception because those who excel in finance are those who understand the importance of building strong relationships and navigating workplace dynamics.
For international finance students, developing EQ in finance can be the key to their success in the industry.
Since When is EQ so Important in Finance?
When we talk finance, we no longer just talk about numbers. In such a complex field, exploring the power of EQ enables professionals to navigate complex interpersonal relationships and communicate effectively with colleagues, clients, and stakeholders. Financial decisions often involve high-stress situations, such as negotiating deals, managing risks, and addressing conflicts. Emotional intelligence skills, such as self-awareness, self-regulation, empathy, and social skills, can help professionals manage their own emotions and respond appropriately to the emotions of others. This can lead to better collaboration, stronger relationships, and improved outcomes in financial decision-making.
But How is EQ in Finance Applicable in the Real World?
No matter the experience, background, or position, emotional intelligence can be acquired and developed through intentional effort and practice. While some individuals may have a natural inclination towards certain emotional intelligence skills, such as empathy or self-awareness, these skills can also be learned and improved over time.
Start with self-awareness
Self-awareness is the foundation of emotional intelligence. It involves understanding your own emotions, motivations, and values. Take the time to reflect on your own emotional triggers and how they affect your behavior. Identify your strengths and weaknesses, and work on developing a growth mindset. This will allow you to become more resilient and adaptable in the face of challenges.
Students enrolled in the MSc Finance & Investment program at EMLV will gain hands-on experience in essential areas of finance within a dynamic and rapidly changing landscape. Not only will they get to apply the latest techniques in asset management and trading but also work in different groups and setting that will challenge them on san interpersonal level and allow them to explore different human dynamics.
Develop empathy
Empathy is the ability to understand and share the feelings of others. In the finance industry, empathy is crucial for building strong relationships with clients, colleagues, and stakeholders. To develop empathy, practice active listening and try to see things from other people’s perspectives.
Practice conflict resolution
Conflict is inevitable in any workplace, and the finance industry is no exception. However, those who are skilled in conflict resolution are able to turn conflicts into opportunities for growth and learning. To become skilled in conflict resolution, practice active listening, empathize with the other person’s perspective, and seek to find common ground. Remember that conflict can be an opportunity to learn and grow, rather than a negative experience.
Communicate effectively
Clear communication is essential in finance, where misunderstandings can have serious consequences. Effective communication involves not only speaking clearly but also actively listening and seeking to understand others. Practice active listening and ask clarifying questions to ensure that you understand what others are saying.
This is how trust and rapport are built with others; the starting point and end-game in the finance industry.