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'Why we need training for financial journalists'

Professor Steve Schifferes (pictured) is Marjorie Deane professor of financial journalism at City University London.

There is no doubt that many working journalists have learned their trade on the job. It is particularly true of financial journalists, where up until 2009 there were no formal courses in the UK on this subject, despite the rapid growth of journalism and media studies programmes.

A rapidly changing financial environment, which appeared because of the global financial crisis, has meant that a lot of financial journalists have been under pressure to understand and report on complex economic concepts quickly and accurately.

With the pace of change likely to accelerate in the future it is vital we equip new financial journalists with the tools of the trade. In an increasingly uncertain world, a firm grounding in the fundamentals is an essential pre-requisite for covering global business and finance stories.

So, what are the essentials of being a good financial journalist?

Firstly, there are the skills associated with the craft of journalism - the ability to write well and edit copy, or to make radio and TV packages; the skills of interviewing and probing to get at the real story; and the ability to translate complex ideas into simple, direct terms that will appeal to readers.

Increasingly, as jobs in the local newspaper industry dry up, those entering journalism are finding it difficult to acquire such skills along this traditional route.

Secondly, there is a body of knowledge about the financial and economic system - including the understanding of how financial markets work, the ability to read and understand company accounts, and the knowledge of the key economic indicators and policy instruments.

There is no doubt that being equipped with these fundamentals will give aspiring financial journalists a head-start.

There are great opportunities in financial journalism at the moment. In contrast to many other areas of journalism, the financial news job market is still expanding, with organisations such as Bloomberg News growing rapidly.

But these jobs will require a degree of specialisation beyond that taught in journalism schools at the moment. Investing in a formal financial journalism qualification, such as the MA at City's Graduate School of Journalism, not only gives you a head start when it comes to getting a permanent job, but also helps you rise faster within the profession. The reason? The industry recognises that the new situation requires a fresh approach.

It is the challenge of our profession to provide the next generation of financial journalists with the tools and the knowledge, so that when another economic crisis hits, they will be as well prepared as possible to understand and report on it.

We don't know what the future will bring. But understanding how we coped with the last crisis is an essential part of planning for it. In the words of philosopher George Santayana, "Those who cannot remember the past are condemned to repeat it."

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