Undoubtedly commercial awareness is one of the key attributes law firms look for in their candidates. It may be difficult to pinpoint exactly what commercial awareness is and harder still to demonstrate it. Below are some common commercial awareness interview questions and advice on how you can approach these effectively.
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How to Answer Commercial Awareness Questions – Investment Banking
What Do Employers Mean by ‘Commercially Aware’?
A person who is commercially aware has developed a deep understanding of their industry and the marketplace in which it operates. This will affect the way in which they work and the decisions they make.
Staying aware of changes in an industry (or in some cases, being able to predict them based on current and past trends) is a characteristic that many employers value.
In an uncertain market, commercial awareness can help to both protect existing business ventures and create new opportunities.
How to Improve Your Commercial Awareness
Commercial awareness must be developed over time. While acquiring this trait may seem difficult, there are numerous ways for you to prove to an employer that you are commercially aware.
The simplest, and perhaps most obvious, way to gain commercial awareness in your chosen industry is through research.
Find resources, both online and in print, that analyse changes in the market and discuss trends in the business world.
If you are working for a company that sells products or services, read reviews.
Keeping up-to date-through news reports and articles is the best way to develop commercial awareness. The more research you put in, the more it will improve.
If you can, get industry-based work experience to acquire practical experience of commercial awareness on a daily basis.
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Youve studied for a great degree. Dont let commercial awareness let you down. Demonstrating commercial awareness during any graduate recruitment process is essential to succeeding. Commercial awareness can be used in application forms, interviews, networking and during assessment centres, so it’s important you understand how and when to display your knowledge. Here, we show you how to demonstrate your commercial awareness in various stages of the recruitment process. Make sure to use the helpful commercial awareness practice questions to prepare for any opportunities to impress recruiters.
What are some examples of commercial awareness and why is it important?
Generally speaking, employers will expect graduate candidates to demonstrate at least the following:
Recruiters are going to have much more confidence in a graduate who understands the basics of a business and how it fares in its marketplace than in a candidate without this basic commercial awareness.
A really impressive candidate might also:
However, because each sector defines commercial awareness in different ways, check out our sector-specific careers advice for more tailored advice on how to develop it for your chosen sector.
FAQ
How do you demonstrate commercial awareness in an interview?
What does it mean to be commercially aware?
How do you demonstrate commercial awareness to clients?
- Interviews. Make sure you understand the full picture. …
- Networking. Show you’re commercially aware in conversation. …
- Assessment centre. Know competitors and key partnerships.
How do you demonstrate commercial skills?
- understand the organisation’s mission and aims.
- are aware of the political and economic issues affecting the organisation.
- are aware of the major competitors.
- understand the sectors the organisation operates within.
- understand the commercial priorities of the organisation.
