5 Effective Interview Questions to Ask An Accounting and Banking Candidate
The traditionally conservative Accounting and Banking industries have seen quite a bit of fundamental changes in recent times, brought about by the emergence of highly productive technologies such as Fintech, Artificial Intelligence (AI), machine learning and even automated decision-making capabilities.
While the search for talents remains a high priority for companies in the Accounting and Banking sector, it is now more important than ever for employers to be able to identify people who will excel in the face of the AI and robotics revolution.
Here are some useful interview questions to ask your Accounting and Banking candidates, and the type of insight you can gain from the responses to each question.
1. Which accounting / banking systems and productivity applications are you familiar with?
Whether you're an SME, a non-profit organisation, or especially with the case of a large financial institution, chances are your backend operations are largely powered by technologies such as accounting and resource management systems, CRMs, or even enterprise-wide ERPs. While training for those systems are usually provided for during onboarding, there is inevitably a learning curve to overcome, which can be steep and time-consuming for new staff with no prior experience with those applications.
If operational readiness is a priority for this hire, this question will help you identify candidates who are more ready to be hands-on from the get-go.
What you should be getting out of this question:
Hands-on experience and adeptness with the software and systems the role will be using
If similar ones were used instead, familiarity with the main features and key concepts that are common between them
A positive attitude and openness to adapt to new technologies
2. [Accounting] What do you think about the current developments in the Financial Reporting Standards (SFRS / FRS) in Singapore? [Banking] What do you think about the current developments in Anti-Money Laundering (AML) efforts in Singapore?
The accounting and banking professions, being highly regulated activities in Singapore, operate under strict laws and regulations which are constantly being updated. A responsible accounting and banking professional is always mindful and well-attuned to the latest laws and regulations related to his or her work.
This question will help you evaluate the diligence (in keeping current) and compliance mindset of the candidates.
What you should be getting out of this question:
Understanding of the laws and regulations of the industry, and the risks associated with non-compliance
Awareness of key recent changes and upcoming developments in industry rules and standards
Willingness to adapt to the frequent changes in the regulatory climate
3. Tell me about a time when you successfully explained a complex accounting or financial concept to a person or audience with little or no financial background.
Many accounting and banking roles involve the reporting and explaining of financial data, performance metrics or industry figures to stakeholders and clients. This aspect of the job can prove to be frustrating for someone who finds it hard to present complicated financial concepts in a layperson, non-technical way.
This question helps you check whether the candidate has the versatility, patience and soft-skills for the reporting aspects of the job.
What you should be getting out of this question:
A friendly and pleasant disposition in dealing with people
Ability to breakdown financial concepts and present them in simple ways
Good listening skills and responsive to layman questions
4. In the absence of some required data, how would you proceed with the task at hand?
Data, numbers and their accuracy are key in industries such as accounting and banking. And so are targets and deadlines. This question examines two important aspects of the candidates : 1) resourcefulness in getting missing information they need, and 2) propensity to maintain data integrity under pressure.
What you should be getting out of this question:
Research skills and resourcefulness in finding data sources
Technical skills and approaches in collating datasets and extracting useful information out of them
High levels of care and sound judgement in maintaining data accuracy and integrity
5. How do you see Artificial Intelligence (AI) and work automation affecting the Accounting / Banking industry in the next 3 years?
The emergence of Fintech, AI, machine learning and even automated decision-making capabilities have in recent years created quite a stir in the traditionally conservative banking and finance industries. These highly productive technologies have, quite understandably, raised concerns among banking and finance professionals ranging from bank tellers to accountants to financial analysts, who are worried about job security and skills redundancy.
This question helps you see how the candidate view and respond, whether positively or negatively, to the threat of automation taking place in the accounting and banking industry. It also helps you assess how prepared the candidate is in taking positive actions to remain valuable.
What you should be getting out of this question:
A welcoming mindset in embracing productivity improvements in Fintech, AI and automation
That the candidate is taking steps to enhance his or her accounting / banking knowledge and skills that cannot be easily replaced by robots, for instance, client relations
Confidence to embrace AI and a willingness to adapt to (instead of fear) changes
While the above is far from being an exhaustive list, these interview questions to ask an Accounting and Banking candidate make a good starting point to help you gain an in-depth understanding of the candidate sitting across the desk, and whether he or she possess the right skills and attitudes for the role. If you have only the time for five questions, this list might just be all you need!