Business: Importance of Financial English
Learn why this language is considered universal in negotiations and why it is necessary to have precise proficiency.
English is the most widely Spoken Language
English is currently the most widely spoken language in the world. It is the language of travel, informal social or even formal corporate affairs, where a specialized vocabulary is required.
In the corporate world, few barriers block access to global finance. English is the universal language that moves financial markets. International business agreements with other countries involving partnerships, problem solving, and investments, all require English.
English as the financial language has a long history. In the past, many British colonies did business with Asia, Africa, and 54 other nations, but over time they gained independence. Since World War II, the country’s economy has gained significant importance and diversity.
Business and financial affairs involving banks and also international accounting use English as the primary language of communication. Not to mention, most international standards related to financial affairs such as IAS (International Accounting Standards) or IFRS (International Financial Reporting), are in English and full of terms in that language.
Banking and Finance English
According to the University of Cambridge, if you want to understand these standards and regulations, even to work in many important influential bodies in the world, you must “possess advanced Banking and Finance English language skills with the ability to communicate with other accounting and finance professionals.”
But if you use a technical language, such high vocabulary would not make sense in a conversation between friends. Given its specialization, how to formulate and use Banking and Finance English is quite helpful to study.
So the ability to speak Banking and Finance English is no longer just an abstract idea, but something indispensable for every professional to thrive in global business today. Whether you work with international standards, attend conferences or just write reports, business professionals must precisely use Financial English.
When you need Banking and Finance English to compete and thrive in the global economy, count on TOEFL Preparation Course. Take classes with experienced native instructors who have worked in the financial markets for years helping executives of large American, European and Asian banks use Banking and Finance English.