Previously, we touched on how having additional bar qualifications and full professional proficiency in multiple languages can help you stand out from the field of candidates. Today, we share two further ways in which you can show prospective employers that when hiring you, they are not only getting a technically sound lawyer but someone who understands and can even help further the business.
- Finance/Accounting Knowledge
Question: Why does a lawyer need financial/ accounting knowledge?
While legal queries and advice can sometimes be examined in isolation, more often than not it is only useful to the client or final decision-maker when weighed against wider business concerns and commercial considerations. In addition, few legal issues can be analyzed in pure black-and-white terms and when dealing with grey areas (especially as a more senior lawyer), it is important to not only be able to identify the risk and the potential liability or penalty, but also consider the likelihood of it materializing and the overall risk-reward ratio. The ability to provide holistic advice can determine whether a lawyer is regarded (in private practice) as a trusted advisor to his client and (in an in-house capacity) as a key decision-maker on matters of strategic business importance, or more as a back-end support function largely responsible for churning out documentation and dotting the i’s and crossing the t’s. Having a foundational knowledge of financial and accounting matters can go some way towards aiding you in understanding the current and projected business performance and direction of the client or company.
Question: How can one showcase this knowledge and ability in a CV?
A person who has studied relevant modules in university or did accountancy/finance/business/commerce as a separate degree or part of a double degree should most definitely set this out in his CV. In addition, if you have personal stock investments (and pick these based on some fundamental analysis), this can be stated as part of your interests and hobbies. Other (more driven) candidates may have obtained the Chartered Financial Analyst (“CFA”) certification or the Association of Chartered and Certified Accounts (“ACCA”) qualifications during the course of their career which would definitely demonstrate a good grasp of key financial and accounting knowledge.
Finally, a simpler (and cheaper) alternative can be to look for relevant seminars or courses under the Continuing Professional Development (“CPD”) program, which has previously covered topics such as ‘Accounting 101’, ‘Financial Statement Fraud’ or ‘Business Simulation Workshop for Legal Practitioners’ (to name a few) and list these in your CV to show a sustained commitment towards improving your financial knowledge and business acumen.
Question: How can I go about obtaining the CFA / ACCA?
Both the ACCA and the CFA can be attempted on a self-study basis with the exams all held locally in Singapore. Both the CFA and the ACCA have three levels and candidates typically attempt and complete the examinations over the course of two to three years. Given their highly technical nature can pose a serious challenge to candidates without any prior financial background, candidates unfamiliar with the principles of finance and accounting may consider signing up with a professional educational institute (e.g. Kaplan) in preparation for the examinations.
- Professional Certifications
In certain industries, there are accreditation schemes that can serve as a mark of recognition that a lawyer has the skillset and experience within that particular area of practice. This is available for lawyers specializing in ‘Building & Construction Law’ and ‘Maritime & Shipping Law’, with legal practitioners having more than 5 years’ PQE able to get recognized as an ‘Accredited Specialist’ while those with more than 10 years’ PQE can apply to be a ‘Senior Accredited Specialist’. A list of these accredited lawyers is publicly available on the website of the Singapore Academy of Law. Similarly, in the disputes field, one can pursue similar credentials and accreditation in relation to arbitration or mediation expertise. For example, the Singapore International Mediation Institute has a four-tiered system reflecting the amount of experience and quality feedback received by the candidate. Another example would be the Chartered Institute of Arbitrators qualification which is typically obtained by lawyers who specialize in the field of arbitration and consider being an arbitrator as a career path.
A lesser-known certification that can be of increasing value in our modern information-driven times is the privacy certification offered by the International Association of Privacy Professionals. Almost all clients and employers have to grapple with data privacy and protection issues nowadays and becoming a ‘Certified Information Privacy Professional’ (or CIPP) ensures that you can readily assist with such queries while also showing a commitment to staying relevant and up-to-date with the latest legal trends.
We hope the above options offer some food for thought on how to productively spend your time outside of work in a way that further strengthens your future career prospects. If you other suggestions, do let us know at hello@lexmatch.co and we will be happy to share these in a later article.