Breaking barriers

How mid-level finance professionals can overcome career roadblocks: Mid-level finance professionals often encounter several challenges when striving to advance their careers. Based on a recent poll, the most significant barriers include a lack of clear leadership pathways (33%), limited access to mentors (33%), insufficient commercial experience (19%), and over-specialisation in finance (14%).

1. No clear path to leadership (33%)

A significant proportion of respondents identified the absence of a well-defined leadership track as their biggest hurdle. Many mid-level finance professionals find themselves in roles with ambiguous career trajectories, making it difficult to understand the steps required for progression. Without structured programmes or transparent promotion criteria, employees may struggle to position themselves for leadership roles.

Recommendations:

• Leadership development programmes: Many top financial firms, such as JPMorgan and Deloitte, offer structured leadership programmes that help mid-level employees transition into senior roles. Finance professionals should seek out similar opportunities within their organisations or externally.
• Sponsorship & internal networking: Studies show that employees with sponsors—senior figures who advocate for their careers—are more likely to be promoted. Building relationships with key decision-makers can help break through leadership barriers.
• Certifications & further education: Gaining qualifications such as an Executive MBA or Chartered Financial Analyst (CFA) can improve leadership prospects and provide a clearer pathway to senior roles.

2. Lack of mentor opportunities (33%)

Another major challenge is the lack of mentorship, which can limit access to career guidance, industry insights, and networking opportunities. A mentor’s influence can be instrumental in shaping one’s career, offering not only strategic advice but also advocacy within an organisation.

Recommendations:

• Join mentorship programmes: Organisations like Women in Banking and Finance (WIBF) and The CFA Institute provide mentorship programmes tailored to finance professionals.
• Leverage LinkedIn & professional networks: Platforms such as LinkedIn allow professionals to connect with experienced mentors. Attending industry conferences and networking events can also help build meaningful relationships.
• Reverse mentorship initiatives: Some firms, including PwC and HSBC, have introduced reverse mentorship schemes, where mid-level professionals are paired with senior leaders for knowledge-sharing opportunities.

3. Limited commercial experience (19%)

While technical financial expertise is crucial, professionals often need broader commercial acumen to progress. Understanding business strategy, operations, and client needs can significantly impact one’s ability to move into leadership roles.

Recommendations:

• Gain cross-functional exposure: Many companies, such as Goldman Sachs and KPMG, offer job rotation programmes that allow finance professionals to gain experience in different business areas, including sales and operations.
• Take on strategic projects: Volunteering for cross-departmental projects or working with commercial teams can help finance professionals gain a broader business perspective.
• Pursue further learning: Online courses from institutions like Harvard Business School and London Business School on topics such as strategy, negotiation, and business analytics can strengthen commercial acumen.

4. Over-specialisation in finance (14%)

Finance professionals who specialise too narrowly may find themselves pigeonholed into specific roles, making it harder to transition into broader leadership positions. While deep expertise is valuable, a well-rounded skill set that includes leadership, strategic thinking, and cross-functional collaboration is essential for career growth.

Recommendations:

• Diversify skills through additional roles: Companies like EY and Morgan Stanley encourage employees to take on secondments in different departments to develop a more holistic business perspective.
• Obtain broader certifications: Finance professionals can benefit from courses in digital transformation, risk management, and fintech, which are becoming increasingly relevant in today’s industry.
• Develop soft skills: A study by McKinsey highlights that leadership, problem-solving, and adaptability are just as critical as technical finance skills. Mid-level professionals should invest in leadership coaching and training to enhance these competencies.

Final thoughts

The results of this poll highlight that mid-level finance professionals face a range of barriers to career progression. While technical skills are essential, leadership pathways, mentorship, and commercial experience play a crucial role in advancement. The finance sector must work towards providing clearer career trajectories and greater opportunities for mentorship and skill diversification.

For finance professionals looking to progress, the key is to take initiative—seek mentorship, develop commercial awareness, and diversify expertise. Employers, too, should recognise the need for structured leadership development and mentorship programmes to help mid-level professionals advance.