Are you a bilingual or multilingual professional looking for a career change or an advancement opportunity? If you command a second language or several languages, you should consider looking into the finance and accounting sectors, considered to be among the most lucrative fields to work in. With the continuous growth of multilingualism in the U.S., businesses are becoming increasingly aware of the evident need of hiring talent that speaks more than one language. Commercial banks, investment institutions, wealth management firms, and other organizations in the financial arena have acknowledged the current economic landscape that is driven by a diverse marketplace.

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“There are literally millions of Hispanics in the United States today, who need to file their taxes just like everyone else. If they can communicate with someone at the accounting office clearly, they are much more likely to do business there,” according to Bilingual Crossing, a platform that highlights job opportunities for multilingual professionals.

There are two jobs that stand out in the financial world for people who speak a two or more languages – investment bankers and financial advisors. While financial advisors work with individuals and their personal finances and needs, investment bankers help companies, giving assistance in different transactions (Gresham). In either case, communicating financial information is communicating sensitive information for which accuracy and clarity is of the utmost importance in any language.

A survey conducted by Ipsos Public Affairs for ACTFL highlighted that the demand for foreign language skills will continue to grow in a multicultural and multilingual economy where 65 million residents in the United States speak a language other than English. The survey’s report states, “This strong and growing demand for foreign language skills is a natural result of evolving conditions in the U.S. marketplace.”

statistics 9 our of 10 employers rely on employees with language skills other than English 56% say their foreign language demand will increase in the next 5 years
What Foreign Languages Mean for U.S. Employers

Demographics and statistics regarding finance professionals in the U.S. provided by Zippia research reflects that the most prevalent foreign languages spoken by finance professionals are Spanish at 42.8%, Mandarin at 10.2%, and French at 7.5%. Chinese and Russian follow at 6.4% and 4.3%, respectively. It is worth noting that most finance professionals are in New York City, and Austin, TX. Texas and New York are two of the top ten states with the highest Spanish-speaking populations in the U.S. Another finding raised by the research indicates that the top 10% of highest-paid finance professionals earn as much as $104,000 or more. In essence, being bilingual or multilingual can be beneficial for career advancement and to secure higher wages in the financial industry.

Read more –> Why It Pays to Be Bilingual

If you command more than one language and are pursuing job opportunities in the finance sector, contact Language Testing International (LTI) today to formally assess your language skills. LTI, an exclusive licensee of ACTFL assessments, offers valid language credentials in over 120 languages, providing multilingual finance professionals with the necessary language certification to boost their resume and make them a more attractive candidate for employers.

Watch –> Why You Should Certify Your Language Skills

Sources

American Council on the Teaching of Foreign Languages (ACTFL) and the Lead with Languages Campaign commissioned Ipsos Public Affairs, with the support of Pearson LLC and Language Testing International. (2019). “Making Languages Our Business: Addressing Foreign Language Demand Among U.S. Employers.” https://www.leadwithlanguages.org/report

Bilingual Crossing. “Bilingual People Are Needed in Finance and Accounting.” https://www.bilingualcrossing.com/article/1150028/Bilingual-People-Are-Needed-in-Finance-and-Accounting/

Gresham, Tom. “Financial Advisors Vs. Investment Bankers”. CHRON. https://work.chron.com/financial-advisors-vs-investment-bankers-8502.html

Zippia. “Finance Professional Demographics and Statistics in the US”. https://www.zippia.com/finance-professional-jobs/demographics/

Madeline Martínez is a Multicultural Navigator Specialist at URBANDER, a Woman and Minority Business Enterprise (WMBE) specializing in transforming businesses to advance humanity. URBANDER’s role is to serve as an extension of Marketing, Diversity, Human Resources, Procurement, Community Relations, and Social Responsibility teams, providing innovative approaches in the areas of strategic marketing, content development, workforce development, community outreach and IDEAS (inclusion, diversity, equity, accessibility, and sustainability). Madeline holds a both a Bachelor’s and Master’s degree in Communications from the University of Puerto Rico and is an experienced copywriter and content developer dedicated to amplifying the voices of URBANDER’s clients. From blogs and articles to social media posts and interviews, Madeline is a skilled writer across diverse topics integrating her marketing, business and academic acumen. Though her earlier work as a Publications Officer at the Inter American University in Puerto Rico, and her most recent performance as a Spanish Interpreter, Substitute Teacher, and Instructional Assistant for English-language learning elementary school students, Madeline has impacted countless families as they have navigated migrating to the U.S. from Spanish-speaking countries. As a bilingual professional, Madeline is also proficient in translating written documents from English to Spanish, and vice versa. She has received LTI issued ACTFL Language Proficiency Certificates in Spanish as follows: Advanced Writing, Advanced Listening, Advanced Reading and Superior Speaking. During her downtime, Madeline loves spending time with her family, and enjoys dancing, movies, photography, and coffee. She considers herself a continuous learner. “A well-educated mind will always have more questions than answers”- Helen Keller

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