The current era is one of innovation and transformation in which new discoveries are constantly being made. This is occurring in all fields of knowledge, but some are making more progress than others. Innovation is of great importance to corporations as new methods can be used to operate more effectively and efficiently, which can ultimately impact profitability.
I recently spent time critiquing a research paper so that it could be used in a business scenario. It was an enriching experience, and the skills developed during this process could be useful in a corporate environment.
Dr Olayinka “Yinka” Moses, a lecturer and prominent researcher at the Victoria University of Wellington, indicates that every professional should endeavour to interpret written information, e.g. texts, emails, reports, and articles, with appropriate insight to assess their suitability for decision making. Although the information and excepted decisions will vary, the ability to analyse and interpret information is a universally valuable skill in a corporate context.
Based on a recent conversation with Yinka, below is a summary of three main ideas as to how critical analysis skills can benefit young professionals:
1. How should you interpret a text that contains knowledge or methods beyond your understanding?
Research in the business and accounting fields can be loosely categorised as either qualitative or quantitative. In quantitative research papers, you may confront complex methods from fields such as statistics or calculus. While qualitative papers are much broader is terms of what form they may take, they usually contain limited amounts of statistical analysis. While both methods are generally rigorous and sometimes challenging to interpret, you would expect an extensive level of statistical rigour with quantitative papers.
If you lack a strong background and understanding of a particular subject area, reading a couple of background papers to familiarise yourself with the topic can help you to get up to speed. If time is a constraint, you may sometimes have to simply state that you are unable to give an adequate judgement. It is better to know the limits of your ability rather than pretending you can, spinning your wheels, and then failing to meet expectations.
2. How important is the ability to interpret texts for a young professional?
Professionals, in their day-to-day activities, are required to make use of data and evidence to make judgements. That is why business students can benefit from producing research and learning how to critically analyse reports. This can help them not only to interpret research papers but also to evaluate business scenarios and make effective decisions. Although academics write papers with technical language and with a particular target audience in mind, it isn’t a requirement for business students to acquire in-depth research skills. Instead, being able to interpret the results of data provided in a research paper will give you a leg up.
If you are ultimately tasked with interpreting a report that is relevant to your employer or your client, then possessing basic analytical skills will help you to carry out this task successfully. If you end up in a highly specialised field, then you will typically have access to seminars and guest speakers who will explain specific topics that may be unclear.
3. How can the ability to interpret research papers put young professionals a step ahead?
Many large firms have divisions dedicated to research, but those divisions are expensive to maintain. This means that most enterprises don’t have many staff dedicated to research. In this context, professionals who are able to interpret data and reports can become highly valuable to employers. Apart from the possible short-term gains of being a prized employee, there is a further possibility of pursuing a career path as a research analyst.
Critical analysis and research skills are also highly transferable. The ability to interpret data can be useful in many contexts, and allow young professionals to learn in a more self-directed, flexible, and agile way. This is a valuable skill given the rapidly changing business environment. The knowledge and skills that were fundamental for success during the past few decades may not be the same aptitudes that will be needed to thrive in the coming years. If people are able to learn independently, then they will be able to teach themselves and adapt more easily to big structural changes in the economy.
The bottom line
Although there is an increased emphasis for students to learn research skills, the goal isn’t to develop research analysts but rather to foster more versatile and well-rounded young professionals.
Although I recently underestimated the difficulty of interpreting a research text, upon reading more papers it became clear that practise makes perfect. Agile and self-directed learning are key skills for a young professional, and so I highly recommend developing your critical analysis skills before graduation.
Ettienne du Plessis is currently completing his Master of Professional Accounting at Victoria University of Wellington, where he also completed his degree in Accounting and Commercial Law. He is diligently working towards becoming a Chartered Accountant.
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