By AAT Comment StudentsAdvance your studies with these problem solving skills14 May 2025 Developing your problem-solving while studying can really stand you in good stead for your future financial career. Finance professionals and students will face questions that need answering constantly in areas such as budgeting, financial reporting, discrepancies, regulatory compliance, market assessments and cost analysis. Often, solutions can be found by analysing the correct data and there’s a sense of satisfaction that comes with this.However, the workplace and life will also throw up many issues to be tackled that numbers might not be able to help with, such as navigating team conflict, technical faults, streamlining processes, customer complaints and project delays. We need to deal with all sorts of different things that come up unexpectedly every day. So, what mindset do students need to equip themselves with?Five key mindset componentsAdaptability: You can deal with the unexpected, analysing situations as they change and developing up-to-date solutions.Decisiveness: You can consider the information and options available to you and make informed decisions in a timely fashion.Critical thinking: You can break down complex problems into logical and manageable parts.Creativity: You can come up with innovative solutions and unconventional ideas and aren’t afraid to try new things.Resilience: You bounce back quickly and view failures as opportunities for learning and growth.Key problem-solving skillsThere are a number of techniques for students to practise their problem-solving skills to help them excel in their studies and future careers:Decision treesA decision tree is a flowchart that helps you visualise the decision-making process. The branches and leaves (nodes) represent the different potential directions and courses of action that can be taken and their outcomes. They can be particularly useful if you’re a visual person, if you have to present options back to the team or for assessing probability-weighted results.Scenario analysisCreate the best-case, worst-case and most likely scenarios. This is useful in financial planning and helps prepare for various outcomes and develop contingency plans.Data-driven problem-solvingThis involves first gathering all of the relevant data, analysing historical patterns, using statistical methods, testing hypotheses and making evidence-based decisions.Break down complex problemsIf you don’t know where to start with a problem then you probably haven’t made it small enough. Begin by identifying the core issue and divide the problem into manageable components. Make a plan for each part and decide which order they should be prioritised in.Collaborative problem-solvingProblem-solving can benefit from multiple people with diverse perspectives sharing their knowledge and opinions. Don’t be afraid to ask for help. Encourage everyone’s input and be an active listener.Five important things to rememberYou can only work with the information you have available to you.Don’t get caught up in analysis paralysis or gathering endless data. Set clear parameters for when you have enough data to make a decision.Don’t just focus on short-term solutions. Think about the long term and what caused the problem in the first place.Decide on an outcome that will measure your problem-solving success.Use technology where it will be helpful but oversee it with your own judgment.Whenever you are faced with a problem, think about how it will allow you to try out these strategies and techniques and improve your problem-solving. It’s a skill that will be continuously developed over a lifetime. Look to surround yourself with other people and a workplace culture that supports and encourages problem-solving, collaboration and innovation.Further readingHow to avoid common VAT mistakes or problemsHow to partner with AI as an accountantHere’s what you need to know about AI and accountancy AAT Comment offers news and opinion on the world of business and finance from the Association of Accounting Technicians.