what is knowledge work
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Knowledge work is a broad term for any profession that produces unique knowledge.
A profession that primarily involves producing unique knowledge such as decisions, analysis, problem solving, theory, strategy, planning, design, art and technology.
Definition
What are Knowledge Workers?
The term “knowledge worker” was first coined by Peter Drucker in his book, The Landmarks of Tomorrow (1959). Drucker defined knowledge workers as high-level workers who apply theoretical and analytical knowledge, acquired through formal training, to develop products and services. He noted that knowledge workers would be the most valuable assets of a 21st-century organization because of their high level of productivity and creativity.
They include professionals in information technology fields, such as programmers, web designers, system analysts, technical writers, and researchers. Knowledge workers are also comprised of pharmacists, public accountants, engineers, architects, lawyers, physicians, scientists, financial analysts, and design thinkers.
Knowledge workers are said to think for a living, unlike manual laborers who are paid for performing physical tasks. They are differentiated from other workers by their ability to solve complex problems or to develop new products or services in their fields of expertise. Since the term was coined, the number of knowledge workers has continued to grow as organizations move toward a collaborative workplace that gives more autonomy to their employees.
Knowledge workers receive high salaries that reflect the complex nature of their work and their relative independence in relation to the work process. They focus more on quality than quantity, and their supervisors should assign them tasks based on their interests and goals, as this will influence the quality of the completed project.
analytical knowledge
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Analytical skills are soft skills that help you identify and solve complex problems.
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Some popular analytical skills include critical thinking, data analysis, research and communication.
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Demonstrating analytical skills on your resume and interviews can help you be a competitive job candidate.
Analytical skills are in demand in many industries and are listed as a requirement in many job descriptions. Analytical thinking can help you investigate complex issues, make decisions and develop solutions—and you likely already possess many analytical skills that employers value. In this article, we explore the definition of analytical thinking, how to identify which of these skills you possess and how to highlight these qualities during the hiring process.
financial analysts
A financial analyst is responsible for a wide range of activities including gathering data, organizing information, analyzing historical results, making forecasts and projections, making recommendations, and generating Excel models, presentations, and reports. This guide will provide a detailed breakdown of a day in the life of a financial analyst, and answer the question, what does a financial analyst do?
List of What a Financial Analyst Does:
Analysts have many duties and responsibilities, depending on the organization they work for, the industry they are in, and their seniority. Below is a list of the most common things they do:
#1 Gather data and information
The work of a financial analyst starts with gathering data and information about whatever they need to analyze. Examples include historical financial reports, accounting data from the general ledger, stock price information, statistics and macroeconomic data, industry research, and just about any other type of quantitative data. The information will be gathered from sources such as the company’s internal databases, third-party providers such as Bloomberg or Capital IQ, and government agencies such as the Securities and Exchange Commission (SEC).
#2 Organize information
Once the data is gathered it’s typically entered into Excel or some other type of database. Once inputted, the next task is to organize it, clean it up, and get it into a format it can be made sense of. This typically means sorting the numbers by data, or by category, adding formulas and functions to make sure it’s dynamic, and using consistent formatting styles so that it’s easy to read and understand. See more Excel formatting tips.
#3 Analyze financial results
With the data all cleaned up and organized in Excel, it’s time for the financial analyst to start analyzing past information and historical results. This typically includes looking at ratios and metrics like gross margin, net margin, fixed vs. variable costs, year-over-year (YoY) growth rates, return on equity (ROE), return on assets (ROA), debt/equity ratio, earnings per share (EPS), and many others. The analyst will look for trends and benchmark the performance against other companies in the same industry. When asking what does a financial analyst do, this is one of the biggest components!
#4 Make forecasts and projections
Now that historical information has been analyzed, it’s time to make projects and forecasts about how the company will perform in the future. There is both an art and a science to predict how a company will perform, and many assumptions and even leaps of faith have to be made. Common forecasting methods include regression analysis, year-over-year growth rates, as well as bottom-up and top-down approaches. Learn more in CFI’s Budgeting and Forecasting Course.
#5 Develop recommendations
A good financial analyst is not only good with numbers but actually generates insights and recommendations on how to improve the operations of a business. Examples of helpful recommendations and insights include ways to cut costs, opportunities to grow revenue, ways to increase market share, operational efficiencies, customer satisfaction, and much more. This is what truly separates a world-class financial analyst from the rest. These recommendations will be presented to the CEO, the CFO, other executives, and/or the board of directors.
#6 Build Excel models
For analysts working in investment banking, equity research, corporate development, financial planning & analysis (FP&A), and other areas of corporate finance, financial modeling will be a big part of the job. These models typically start by linking the 3 financial statements and then layering on more advanced types of financial models such as discounted cash flow analysis (DCF models), internal planning models, and more arcane models such as LBO models and M&A models.
The Beginning Of The Knowledge Worker
The last few decades have underscored the need for knowledge workers. However, they have played an essential role in the development of business for far longer.
Back in 1959, business consultant Peter Drucker first coined the term “knowledge work” in his book The Landmarks of Tomorrow. Most importantly, Drucker highlighted the shift to a society powered by knowledge.
Knowledge workers use analytical, theoretical or otherwise high-level knowledge to develop services or products, usually online. They often have acquired this knowledge through formal training, such as college or professional certification.
What A Knowledge Worker Is Now
Knowledge workers have proved instrumental to the economy, especially over the last 20 years, and are now more critical than ever as society shifts to remote work.
The key indicator is that a knowledge worker “thinks” for a living instead of performing physical tasks. Other indicators may include the ability to:
Knowledge workers use high-level communication skills to work independently and collaboratively in order to accomplish complex tasks, usually by using the latest technology. Most notably, a knowledge worker is someone who can learn and adapt to a shifting workplace.
