English is the language of business worldwide. Since the age of British colonialism, English has been the language of governance and finance. The language was once considered a reserve for the world’s trading elite, but it is now spoken by almost everyone working in the finance industry.
English is the native language of more than 67 countries and the official language in so many others, which is what created its importance in so many industries. Because it is a common language shared by many countries, it is used in a vast majority of global financial transactions. For instance, transnational deals that originate from France and Germany are usually written in English. Here are some vital roles English plays in the finance sector:
Better Employment Opportunities
There are better employment opportunities in finance for people who speak English fluently. Knowledge of this language also connects you to more globally recognized companies. According to a survey in the United States, 69% of people who spoke English as a second language said it was the most important language for them to learn.
Research has shown that people residing in countries where English is widely spoken have a competitive edge over those who come from countries that do not speak English. In addition, financial governing bodies such as the International Accounting Standards and the International Financial Reporting publish their international standards in English.
As the world of business continues to see rapid developments in growing economies and emerging markets, English could be the asset that finance professionals need to set themselves up for global success.
It Creates Opportunities Locally and Internationally
As our world grows smaller and the global marketplace grows bigger, people are interacting at an ever-increasing pace. In this competitive marketplace, language support for banking and financial institutions is vital. Financial institutions are now looking for people who can communicate clearly and effectively in different languages to customers from around the world.
Knowing a language is more than speaking it–you must understand the culture behind it. For example, the English culture is historically Christian. It merges the cultures of Europe with the traditions of England, Scotland, Ireland, and Wales and is also influenced by the British Empire.
Many investment banks look for people who are multiculturally aware when hiring. They look for people who can manage global transactions in English and other global languages. Along with these direct advantages, multilingual people are more intelligent because learning a new language boosts mental alertness, multitasking, and decision-making abilities.
Ultimately, those who speak English fluently and are strong in another language have more opportunities waiting–and better ones. If you’re not bilingual or multilingual, now is the time to start learning a new language!
Better Access to Financing
There is no universal formula for getting approved for a loan. Most lenders look at your credit score and income, while some online lenders look at nontraditional data, such as your level of education and free cash flow.
But there’s something else you might not know: If you’re fluent in English and good at negotiating, you can negotiate the loan interest rate depending on who you’re borrowing from. You can also access loans with lower interest rates than traditional loans by searching for “title loans near me.”