Transferable FP&A skills that open doors

Did you know that you can leverage transferable skills in FP&A (financial planning & analysis) to shape the career (and life) you truly want?

Whether you love your job or find yourself itching for something new, transferable skills can open up career paths you might not have considered.

Even if you’re happy in your current role, I hope to show you how these skills can help keep things fresh, not just in your career but in the broader scope of life.

So, let’s dive into the power of transferable FP&A skills and how to make them work for you...

Why transferable skills are essential

What exactly are transferable skills?

They’re essentially skills you’ve honed in one role that can add value in many other areas. Think communication, problem-solving, relationship-building - skills that transcend any specific industry or role. These are important because they demonstrate adaptability in an ever-changing job market. It’s never been more crucial to have these “portable” skills that can help you pivot when needed.

FP&A, and finance in general, has changed dramatically over the past decade. Many of us have experienced layoffs, industry shifts, and the like. Transferable skills help you remain resilient and adaptable. From my experience, I can say they’re valuable at every career stage, whether you’re a CFO or just starting out.

Don’t forget the soft skills

A turning point for me was when I realized how essential it was to develop soft skills - especially emotional intelligence. These skills help you manage relationships, communicate effectively, and make your work life much happier overall.

In FP&A, we’re often the storytellers. We take complex data and craft a story that helps others make decisions. Not everyone can do this well. Your job is not only to understand the numbers but to interpret and communicate them so others understand and, more importantly, care.

Developing emotional intelligence has helped me become a better strategist and people manager, which are critical skills if you want to grow in any organization. Building relationships also helps you gauge how to adjust your message based on who’s in the room—a skill that’s incredibly valuable whether you’re pitching an idea or presenting financials to stakeholders.

Breadth vs. depth: Deciding on your own career path

In career planning, you often face a choice: do you want to go deep and become a specialist, or do you prefer to explore different fields and gain a wide variety of experiences?

Both paths are valuable, and they’re not mutually exclusive. Breadth can give you a rounded understanding that’s crucial for leadership roles, while depth establishes you as an expert.

Some roles value diverse experience so much that they require it. For example, one bank I worked for wouldn’t allow anyone to move up to the director level without experience in multiple FP&A areas. The goal was to ensure leaders understood the bigger picture. Not every organization will value this, but the right ones will.

Hard skills: Financial modeling, budgeting, & Excel

Let’s talk hard skills. Many of us are naturally proficient in technical areas like financial modeling, budgeting, forecasting, and data analysis. Financial modeling skills, for instance, don’t just apply to FP&A - they can transfer to marketing, HR, or operations modeling as well. Every company needs people who can budget and forecast, and as FP&A professionals, we’re often the ones helping other departments make sense of their numbers.

Then there’s Excel, the universal language of finance. Excel has been around for over 40 years, and I think it’s still holding up the entire economy! It’s fast, comprehensive, and still the go-to for financial modeling and analysis. Programs like Tableau are great for visualization, but if you want something done quickly and comprehensively, you turn to Excel.

Soft skills revisited: Critical thinking, problem-solving, & communication

If I had to emphasize one soft skill that’s often overlooked, it would be communication. Across the corporate world, good communicators stand out. If you’re not naturally a great communicator, find ways to practice. Take a course, join a committee, or volunteer.

For me, working with the Wildlife Conservation Society was transformative. Managing 12 people remotely across different African nations pushed me to communicate effectively, without jargon and with clear intent.

Another often-overlooked skill in finance is our ability to innovate. Every time you create a new dashboard or rethink a report, you’re innovating. In FP&A, we often drive company strategy without always being recognized for it, so developing the confidence to speak up about your insights is key.

Building transferable skills: Tips & practical advice

How can you build these skills? Here are a few things that worked for me:

Mentorship and networking: Find mentors who support your growth and colleagues who can give you honest feedback. Use your alumni network or events to connect with people who align with your goals.
Take on new projects: Stretch yourself with projects outside your comfort zone. This could be within your company or even in a personal context. Join a local charity board or volunteer to gain experience that you can bring back to work.
Keep learning: There’s always something new to learn. Whether it’s taking a formal course or working on a project in an unfamiliar field, seek opportunities to broaden your skill set.

Embracing experiences beyond bullet points

Transferable skills are what make us more than just our resumes. I’ve worked with wildlife teams in Madagascar, been to the Puppy Bowl (yes, with puppies!), and even participated in an ivory crush event to raise awareness for elephant poaching.

These weren’t part of my “official” finance role, but every experience taught me something I could apply elsewhere. This diversity in experiences made me more resilient and well-rounded, and it’s given me a wealth of stories that I can share with others in professional settings.

Joining a board: How and why you should consider it

If you’re looking to apply your skills in a new way, joining a board can be incredibly fulfilling. There are numerous ways to get started.

For nonprofit boards, Idealist and similar websites often post board opportunities, although you’ll likely be expected to make a financial contribution.

For profit boards may be more challenging to break into, but networking is key. Mention your interest to colleagues and friends, and use LinkedIn or board matching services.

Introversion in FP&A: How to thrive as an introvert

I’m an introvert myself, so I understand how hard it can be to feel like you’re in a field that values extroversion. There’s a misconception that extroverts always have the upper hand in advancing their careers, but that’s not true.

Introverts often bring thoughtful insight and deep listening skills to the table. And when we do speak up, it’s often meaningful.

One tip for introverts is to regularly practice speaking, even in small ways, like giving updates in team meetings or speaking up in calls. This not only helps you get comfortable but also builds visibility.

Building the career you want

Ultimately, transferable skills give you the freedom to choose your path. They’re the tools that allow you to change industries, sectors, and even work on personal projects.

If you’re content in your current role, that’s wonderful! Use these skills to become a better manager, communicator, or team member. If you’re looking for a change, your skill set can give you the confidence to try something new.

Every step of your career is an opportunity to learn and grow. Keep building, keep stretching, and keep being open to new possibilities. Transferable skills aren’t just about getting the next promotion—they’re about shaping the life you want, in every sense of the word.

This article is based on a presentation given by Jody Salbo, Senior Director of xP&A (FP&A) at Engel & Völkers at our FP&A Summit, Boston in 2023. Catch up on this presentation, and others, using our OnDemand service. For more exclusive content, visit your membership dashboard.

Transferable FP&A skills that open doors (way beyond finance)