20 November 2023
You might have heard of commercial awareness and been confused by the term. I assure you, you are commercially aware without even being conscious of it. Commercial awareness refers to the knowledge we hold regarding our surroundings and beyond. It is to know the current events shaping our world.
When students and graduates are applying for internships and jobs, employers seek a commercially aware candidate. By having the right skills, such as strong commercial awareness, you show the employer that you are attentive, inquisitive, and well-rounded. Being commercially aware makes candidates stand out to the employer, especially during the interview stage of the application process.
Commercial awareness includes being informed on the current events shaping the specific sector you are interested in. This skill indicates to employers that you understand how the sector you are applying for works, what events will impact the sector the most, and what companies are competing. These three pieces of information tell the employer you are familiar with the sector's behaviour and are a qualified candidate. Additionally, you can go one step further and identify how companies respond to certain situations and use problem-solving skills in the role you are applying for.
When preparing for an interview with a specific company, it is essential to have commercial awareness of that specific company. You can do this by researching the company and its sector. There may not be any relevant news articles on the company itself, but perhaps an incident occurred in the sector that indirectly affected them. Apart from being aware of current events, knowing what the company has been focusing on and what its aspirations are for the future are ways to display what excites you about the company specifically and why you want to work there.
Commercial awareness is readily attainable through following social media accounts and subscribing to news outlets of the sector you wish to work in and the field you are studying. Popular news outlets include the Financial Times, The Economist, and The Wall Street Journal. The best way to stay updated on current events is by allocating a specific time during your day to read or listen to the news and trying to make it a habit. The easiest way for me particularly to do so is by listening to short podcasts on my way to university in the morning. This gives me the highlights of what is occurring without spending too much time.
It is crucial to think critically about the news you are reading. It is not enough to know what occurred but to understand why it occurred and be able to evaluate the different impacts the event could have. An effective way to do this is by applying the knowledge you have learned in your studies to real-life situations to understand better what is occurring. Or, if you might be reading about events outside of your course, try reading some discussions on what other people think of these events. Once you understand the event, you can form your opinion about what has occurred and express this about the article as evidence. Forming your opinion demonstrates to the employer that you have thought critically about the situation, which is also a core skill they seek. If you keep all of this in mind, when asked about a news story that interests you in an interview, you can provide a complete answer and display strong commercial awareness.
