In a candidate-driven market, employers may not always find the exact profile they are looking for. This raises an important question: is relevant industry experience still essential, or are employers looking further down a candidate’s CV?
While it is still true that if two identical candidates are presented to an employer, the individual with previous experience in a similar finance role within the same sector may be preferred, transferable skills are now playing a much larger role in hiring decisions.
This shift is influenced not only by the balance of power moving towards candidates but also by the changing expectations of the workforce. Generation Z professionals, in particular, are far more likely than previous generations to move between industries throughout their careers. As a result, transferable skills have become increasingly important.
The Skills Employers Look for Beyond Industry Experience
The attributes employers consider beyond sector experience can generally be grouped into two categories: soft skills and technical skills.
Soft Skills
Hiring managers consistently value the following soft skills:
Strong interpersonal skills
Excellent communication
A positive and engaging attitude
Confidence and intellectual curiosity
These qualities are particularly important in finance roles that require collaboration with non-financial stakeholders and influence across the business.
Technical Skills
Technical experience that can translate across industries may include:
IT and technology-focused expertise
Management or leadership experience
Analytical ability
Proven problem-solving skills
Commercial awareness
Established professional networks
These capabilities often allow professionals to adapt quickly to new sectors, even if they do not have direct industry experience.
The Value of Hiring Outside the Industry
While candidates with previous experience in a sector may be able to hit the ground running and transition more smoothly, hiring someone from outside the industry can also offer significant advantages.
Professionals coming from different sectors often bring new ideas, alternative perspectives, and innovative approaches. These fresh viewpoints can sometimes have a greater long-term impact than hiring someone with a similar background.
In addition, candidates taking on a new challenge by moving industries are often highly motivated to prove themselves and expand their skill set.
Advice for Candidates and Employers
For candidates looking to move into a finance role in a different sector, it is essential to tailor your CV carefully, highlighting how your skills and experience translate into the new industry.
For employers, it is equally important to look beyond the experience section of a CV. By focusing on transferable skills and potential, organisations can uncover talented individuals capable of making a significant impact.
