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Compliance and Finance Interview Tips
PREPARING FOR A COMPETENCY BASED COMPLIANCE AND FINANCE INTERVIEW
Preparation is key if you want to be able to answer all questions thrown at you without having to think too much on the spot on the day of the interview; it requires several steps:
Make sure that you understand which skills and competencies will be tested. It sounds obvious, but some person specifications can be a little vague and you will need to do some thinking in order to ensure that the examples that you will be using hit the spot. For example, your person specification may say that you need to have “good communication skills in dealing with third parties”. For someone who works in customer service and is expected to handle complaints all day long, this will most likely involve a mix of empathy/understanding as well as an ability to be assertive in a nice way whenever required; however for someone applying for a commercial law post, this will most likely involve an ability to explain complex matters in a simple way, and not so much empathy.
Understanding the requirements for the post, whether they are stated explicitly or not in the person specification is therefore crucial.
Identify examples from your past experience which you can use to demonstrate that you possess the skills and competencies that you are being asked to demonstrate. You do not have to find hyper complicated examples; in particular the outcome of the story does not have to be extraordinary; what matters most is that the role you played in reaching the outcome was substantial.
Learn to narrate the story using the STAR method. This means setting the scene, explaining how you handled the situation by placing the emphasis on your role, and detailing the outcome/result.
The acronym STAR stands for
It is a universally recognised communication technique designed to enable you to provide a meaningful and complete answer to questions asking for examples. At the same time, it has the advantage of being simple enough to be applied easily.
Many interviewers will have been trained in using the STAR structure. Even if they have not, they will recognise its value when they see it. The information will be given to them in a structured manner and, as a result, they will become more receptive to the messages you are trying to communicate.
Step 1 – Situation or Task
Describe the situation that you were confronted with or the task that needed to be accomplished. With the STAR approach you need to set the context. Make it concise and informative, concentrating solely on what is useful to the story. For example, if the question is asking you to describe a situation where you had to deal with a difficult person, explain how you came to meet that person and why they were being difficult. If the question is asking for an example of teamwork, explain the task that you had to undertake as a team.
Step 2 – Action
This is the most important section of the STAR approach as it is where you will need to demonstrate and highlight the skills and personal attributes that the question is testing. Now that you have set the context of your story, you need to explain what you did. In doing so, you will need to remember the following:
Be personal, i.e. talk about you, not the rest of the team.
Go into some detail.
Do not assume that they will guess what you mean.
Steer clear of technical information, unless it is crucial to your story.
Explain what you did, how you did it, and why you did it.
What you did and how you did it
The interviewers will want to know how you reacted to the situation. This is where you can start selling some important skills. For example, you may want to describe how you used the team to achieve a particular objective and how you used your communication skills to keep everyone updated on progress etc.
Why you did it
For example; when discussing a situation where you had to deal with conflict, many candidates would simply say: “I told my colleague to calm down and explained to him what the problem was”. However, it would not provide a good idea of what drove you to act in this manner. How did you ask him to calm down? How did you explain the nature of the problem? By highlighting the reasons behind your action, you would make a greater impact. For example:
“I could sense that my colleague was irritated and I asked him gently to tell me what he felt the problem was. By allowing him to vent his feelings and his anger, I gave him the opportunity to calm down. I then explained to him my own point of view on the matter, emphasising how important it was that we found a solution that suited us both.”This revised answer helps the interviewers understand what drove your actions and reinforces the feeling that you are calculating the consequences of your actions, thus retaining full control of the situation. It provides much more information about you as an individual and is another reason why the STAR approach is so useful.
Step 3 – Result
Explain what happened eventually – how it all ended. Also, use the opportunity to describe what you accomplished and what you learnt in that situation. This helps you make the answer personal and enables you to highlight further skills.
This is probably the most crucial part of your answer. Interviewers want to know that you are using a variety of generic skills in order to achieve your objectives. Therefore you must be able to demonstrate in your answer that you are taking specific actions because you are trying to achieve a specific objective and not simply by chance.
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