Personal Insight Assessment: Opportunities and Industry Trends

This report assesses personal qualities and professional skills for employment readiness. It analyzes industry requirements and trends, identifies skill gaps, and provides suggestions for improvement.

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MWL101 PERSONAL INSIGHT
ASSESSMENT 1 – MY
OPPORTUNITIES
T1 2019
Student Name:
Student ID:
Seminar Day and Time:
Seminar Leader:

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Executive Summary
This report has been developed to assess the personal qualities and professional skills of me as an
aspiring student for improvement of my employment readiness. To recognise the personality traits,
personal and professional skills and limitations a number of quizzes have been undertaken and their
results were calculated and presented in the “My professional Dashboard” section. The report also
contains the industry dashboard containing information about the financial service industry and its
potential trends in terms of skills required for the following five years. Through these two pieces of
evidence gap in the industry standards and my existing skills have been identified to recognise the
areas that need improvement. Technical knowledge of the financial software and reporting skills are
the areas that were identified as inadequately skilled, triggering the need for improvement. Based on
the need identified training and practice have been suggested as suitable methods for skill
development.

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Contents
Executive Summary...........................................................................................................................3
1. Introduction...............................................................................................................................5
2. My Capabilities..........................................................................................................................6
2a. My Professional Dashboard.....................................................................................................6
2b. My Capabilities - Analysis.......................................................................................................7
3. My Industry Requirements and Trends......................................................................................9
3a. My Industry Dashboard...........................................................................................................9
3b. My Industry Requirements and Trends - Analysis.................................................................10
4. My Gap Analysis.....................................................................................................................11
4a. My Gap Analysis Table.........................................................................................................11
4b. My Gap Analysis..................................................................................................................11
5. Conclusion...............................................................................................................................12
References List................................................................................................................................13
Appendix 1:.....................................................................................................................................14
Appendix 2:.....................................................................................................................................17
Appendix 3:.....................................................................................................................................19
Appendix 4:.....................................................................................................................................22

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1. Introduction
This study is an assessment of the opportunities that I might receive after graduation as a result of
meeting the industry requirements of my preferred field. As I intend to peruse finance as a discipline,
I need to meet the standards of the financial service industry of Australia. The financial serviced
sector in Australia contributes around AU$140 billion to the country’s GDP and employs around
150,000 people making it extremely crucial for the country’s economy and creating one of the largest
employment pools for its citizens. For evaluation of my employability in this industry, this report has
analysed the growth, challenges, skill requirements and job roles that the industry might offer in the
following five years. It also features an assessment of my professional dashboard that contains
information about my personality, my personal performance factors, work experience, academic
abilities. Tallying these two sets of information the skill gaps have been identified that need to be
resolved to ensure my employability within the Australian financial service sector. Based on the skill
gap identified suitable solutions have been hinted for improving my employability opportunity within
the industry.

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1. My Capabilities
2a. My Professional Dashboard
Refer to appendix 1, 2, 3 and 4 for details.

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2b. My Capabilities – Analysis
The professional dashboard that has been presented above holds as many revelations, if not more, as
the result expected. For instance, while the result of the value analysis reinforces the items that I value
most result of the 16 personality test is a revelation. While I generally identify myself as a team player
and often undertake the task of coordinating among the team members and attempt to reach a decision
that would generate maximum possible value for everyone I never considered it to be of the
personality trait of commander. On the other hand, the assessment of the scores in PPF aspects has
highlighted that I have a strong preference for the external direction while no such preference is
shown towards the aspects global and sterilist as this decision is generally made based on the
requirement of the situation and its context. Finally, the enlistment and prioritisation of valued items
also point out that items that are enlisted under the broader segment of self-actualization, esteem and
belonging have been given the highest priority (Lester, 2013). This indicates that the acknowledgement
of the actions and contribution would serve as a significant motivator for me (Shih et al. 2019).
However, it might also be interpreted as a need for validation, which in the professional arena might
be detrimental to the performance. This evaluation has also provided a detailed understanding of my
strengths and weaknesses and the opportunities and threats that they generate for me. The following
table might provide a detailed yet simple understanding of it:
Strengths Weaknesses
 Strategic thinking
 Analytical skills
 Self-confidence
 Communication (Verbal and written)
 Part-time work experience
 Ability to work with others
 Ability to handle pressure
 Lack of understanding of more human
aspects
 Impatience
 Time management
 Reporting skills
 Critical towards mistakes of others
Opportunities Threats
 Opportunity to lead
 Opportunities to be responsible for
financial management of an organisation
 Proper training and learning might help
in developing analytical skills that might
be effective in trend analysis and
prediction
 Critical nature might cause risk of
dissatisfaction in teams
 The issues with reporting skills might
hamper the quality of performance
 Mack of time management skills might
cause loss of opportunities.
Table 1: Personal SWOT analysis based on own professional dashboard
(Source: Created by student)

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From the table above it is evident that the areas of skills and abilities that have been identified as
strength are not complete. For instance, while the verbal and written communication is often
effectively used there is lack of reporting ability, which might be the case because of inexperience. If
this skill gap is not mended properly then it might become a limitation, which would be a hindrance in
the process of perusing the career path of financial management (Cottrell, 2015). Therefore, careful
consideration and practice are needed for improving communication skills. On the other hand, the
leadership skills when merged with the strategic thinking and analytical skills, it might pave the path
of acquiring managerial positions in short time span. However, for successful achievement of this
result, constant and timely improvement and up-gradation of skills and knowledge are needed, as it
would ensure that the current skills that I have remain relevant in every stage of my career, which
would serve me as an advantage in the pool of available workforce.

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1. My Industry Requirements and Trends
3a. My Industry Dashboard

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3b. My Industry Requirements and Trends – Analysis
The industry dashboard presented above avails a clear understanding of the different areas of
employability that would be available in near future and the skill sets that are to be possessed to
assume those responsibilities. This provides an understanding of the training that is to be taken for
possessing a sound scope for employment for the upcoming five years. It is noteworthy that
employment in financial insurance service industry has increased from 436.4K in 2016 to 448.1K in
2018 and is expected to reach 455.6k in 2023 (National Industry Insights Report, 2018). This marks
that the insurance and financial assistance would be a preferred option in the upcoming five financial
years. It has been observed in the past years that the financial sector, especially the banking sector has
been highly influenced by the technological advancement and immense use of mobile devices. The
ubiquitous in-branch customer interactions that were a common sight of the last decade have been
largely replaced by the digital interactions through the online transaction methods, ATMs and mobile
banking services (The Treasury Australian Government, n.d.). This triggers the scope of employment
of the younger, technologically advanced fresh graduates to enter the banking sector and grow quickly
as a professional. However, this has also made the skills subject to irrelevance as with the advent of
the newer technology and their adaptation by the consumer market, the older one becomes irrelevant.
Therefore, it can be said that in the following five years the professionals in the financial service
sector would have to remain aware of the regular up-gradation of the technology and train themselves
to remain relevant for the market. Personal skill assessment tools like 360-degree assessment and skill
evaluation are essential in this case for ensuring sustenance and development in the industry ( DeNisi
and Gonzalez, 2017 and Mone and London, 2018).
Half (2018) points out two different set of skills that would be required to receive and retain
employment in the financial service sector of Australia in the following five years, namely the
technical skills and soft-skills. The modern financial analytical tools such as the accounts payable
automation and predictive analytics, while have reduced the manual efforts largely which is essential
due to the increasing number of customers in the financial sectors; it has also increased the skills
requirement. On the other hand, the candidates with a practical understanding of the accounting
software like SAP and Oracle would be in an advantageous situation in the recruiting process in the
financial sector (Australian trade and investment commission, 2019). Therefore, acquisition of these
skills is important for perusing a career in this industry within the following five years. Finally, as can
be seen in the industry dashboard, the organisations, I aspire to join after graduation, belong to
different financial service sectors including asset-based finance and leasing, banking and insurance.
Each of these sectors poses different advantages. For instance, the insurance industry offers stability
and huge scope for employment while banking would provide chance of speedy development of
career. The asset-based finance sector on the other hand, due to its high competition and dynamic
operations would provide opportunity for substantial learning and skill development.

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2. My Gap Analysis
4a. My Gap Analysis Table
← Existing skills Industry skill requirements →
Meets
standards
Good Needs
improvement
Skills Supporting
skills
Important Must-
haves
* Predictive
analytics *
GAP
* Accounts
Payable
automation
*
GAP
* Accounting
software
(Oracle/SAP)
*
* Academic
knowledge *
* Communication
skills *
GAP
* Reporting
ability *
* Problem
solving skills *
* Team work
skills *
Table 2: Gap analysis table
(Created by student)
4b. My Gap Analysis
The gap analysis table resented above avails the understanding of the skill gaps that I need to mend in
order to improve my chances as an aspiring professional in the financial services industry. As
mentioned in my industry dashboard technical knowledge in terms of predictive analysis and accounts
automation and knowledge of the accounting software have become the determinant factors in the
selection. I currently lack the latter two, which I need to improve before graduating for being

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considered employable. Ramadi, Ramadi and Nasr (2016) identified the gap analysis as the measure to
evaluate the readiness of the aspirant. Therefore, lack of such skills would indicate inadequacy in
terms of skills. Therefore, this issue needs to be mitigated. Joining training programme for modern
and updated accounting software might help in resolving this issue. The table also marks the skill gap
in terms of reporting skills, which in the given table has been identified as an essential skill as the
financial sectors require regular evaluation of strategies, market environment and result of strategy
implementation. To resolve this issue practice and guidance would be essential. Throughout the
duration of the course, several opportunities would arrive where I would need to develop reports.
Completing them and learning from the feedback given to them would help in improving my
reporting skills.
3. Conclusion
This particular report looks into the skills, knowledge and personality traits that play crucial role in
determining an individual’s employability based on information, specific, to me. While this initially
appears to be an effective way to asses one’s own suitability for a particular profession and to
understand the skills that need to be acquired to peruse the profession, it also provides an insight to
the importance of skill assessment based on industry standards to understand the skill gaps. This
evaluation has availed me specific knowledge about the knowledge, skill and personality areas that I
need to work on. Through the strength and weakness analysis, I realised that the communication skills
are incomplete without the reporting abilities and the gap analysis reinforced the importance of
developing reporting abilities for the academic area that I intend to peruse. I have also recognised the
changes and new trends that would determine recruitment in the financial services industry of
Australia for the following five years, which further emphasised on the importance of technical and
software skills in employability determination. This has reiterated the necessity of IT training for my
career development. The findings of this report would become the base for assignment 2, “My
profile.”

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References List
Australian trade and investment commission (2019) Financial Services - Austrade's industry
capability information - Austrade [online]. Available from:
https://www.austrade.gov.au/International/Buy/Australian-industry-capabilities/financial-services
[Accessed 28 march 2019]
Cottrell, S., (2015). Skills for success: Personal development and employability. 3rd ed. London:
Macmillan International Higher Education.
DeNisi, A.S. and Gonzalez, J.A., (2017). Design performance appraisal systems to improve performance. The
Blackwell Handbook of Principles of Organizational Behaviour, pp.63-75.
Half, R. (2018) Your career in finance – 10 skills that count [online]. 12th May. Available from:
https://www.roberthalf.com.au/blog/jobseekers/your-career-finance-10-skills-really-count [Accessed
28 march 2019]
Lester, D., (2013). Measuring Maslow's hierarchy of needs. Psychological Reports, 113(1), pp.15-17.
Mone, E.M. and London, M., (2018). Employee engagement through effective performance management: A
practical guide for managers. 2nd ed. Abingdon: Routledge.
National Industry Insights Report (2018) Financial Services [online]. 17th Dec. Available from:
https://nationalindustryinsights.aisc.net.au/industries/financial-services [Accessed 28 march 2019]
Ramadi, E., Ramadi, S. and Nasr, K., 2016. Engineering graduates’ skill sets in the MENA region: a gap
analysis of industry expectations and satisfaction. European Journal of Engineering Education, 41(1), pp.34-52.
Shih, C.Y., Huang, C.Y., Huang, M.L., Chen, C.M., Lin, C.C. and Tang, F.I., (2019). The association of
sociodemographic factors and needs of haemodialysis patients according to Maslow's hierarchy of
needs. Journal of clinical nursing, 28(1-2), pp.270-278.
The Treasury Australian Government (n.d.) The strength of Australia’s financial sector – Backing
Australian FinTech [online]. Available from: https://fintech.treasury.gov.au/the-strength-of-australias-
financial-sector/ [Accessed 28 march 2019]

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Appendix 1: Personalities test
Introduction:
The 16 personality test has been performed to identify the personality type. For this, 164 statements
have been evaluated based on my own likeliness of agreeing with them. Based on the result 16
different aspects of the personality has been evaluated.
Strength and weakness:
The following figure avails an insight to the acquired score in the test which has been categorised as
per 16 different areas:
The following table provides a personal summary report with percentage of the scores acquired from
the test presented above.
Trend Score Percentage %

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Warmth 3.3 82.5
Reasoning 3.3 82.5
Emotional Stability 3.3 82.5
Dominance 2.8 70
Liveliness 2.6 65
Rule-consciousness 2.5 62.5
Social boldness 2.9 72.5
Sensitivity 3.1 77.5
Vigilance 1.5 37.5
Abstractedness 2.5 62.5
Privateness 1.3 32.5
Apprehension 1.4 35
Openness to change 3.6 90
Self-reliance 2.3 57.5
Perfectionism 2.9 72.5
Tension 0.9 22.5
The table above marks that lack of apprehension might be one of the major flaws in my personal
character. On the other hand, it has been found that I belong to the COMMANDER segment, which
indicates high analytical skills, strategic thinking and leadership quality, which can be identified as
my strengths. However, this personality type also poses critical attitude towards others’ performance
and impatience towards their flaws. This might be identified as weaknesses.
Career path:
Based on my choice if industry, the financial services and the personality type the career path that has
been chosen is financial analysis and management.
Workplace habit:
From the table above the work place habits that can be identified are warmth, openness to change,
reasoning, emotional stability, dominance, rule consciousness, perfectionism and social boldness.
Conclusion:
The personality traits identified, pointed out the issues like impatience and critical behaviour, which
need to be controlled for better performance. From the evaluation above, it is evident that the
personality trait influences the career path and workplace behaviour of an individual. In addition, to

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enhance one’s employability identification of the personality traits that might harm the employability
is essential to modify the behaviour for better chances.

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Appendix 2: Personal performance style
Quiz Summary
Structure
More structure 13
Less structure 10
Total score 23
Remark:
Strong preference might be observed towards financial analysis and planning
Moderate level of dependence can be observed on personal preferences which provide scope for
experimentation
External direction
More external direction 21
Less External direction 8
Total score 29
Remark:
Extremely strong preference, although might not form a particular pattern
Working with others
Working alone 5
Working with others 20
Total 25
Remark:
Strong social preference
Level of physical stimulus
Low stimulus 10
High stimulus 9
Total score 19
Remarks:
Although close to the strong preference, exhibits flexibility in terms of working in most conditions
At the absence of certain stimulus, performance is likely to be affected
Global or serialist
Global Score 2
Serialist score 5
Total score 7
Remarks:
No strong preference towards either

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Pressure
High pressure score 7
Low pressure score 3
Total score 10
Remarks:
Flexible, no pressure for either
Methods
Find it easy to learn through:
 Reading
 Watching videos
 Picturing it in my head
 Categorising and labelling
 Asking questions
 Labelling
Talking about it with others
Visual, Auditory and kinetic learning style
Visual score 31
Auditory Score 34
Kinetic score 30
Remarks:
No strong preference noticed

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Appendix 3: SHAPE Test

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Appendix 4: Valued Items test

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