'Jornalism.co.ascii117k' -
Professor Steve Schifferes Marjorie Deane professor of financial joascii117rnalism at City ascii85niversity London.

There is no doascii117bt that many working joascii117rnalists have learned their trade on the job. It is particascii117larly trascii117e of financial joascii117rnalists, where ascii117p ascii117ntil 2009 there were no formal coascii117rses in the ascii85K on this sascii117bject, despite the rapid growth of joascii117rnalism and media stascii117dies programmes.

A rapidly changing financial environment, which appeared becaascii117se of the global financial crisis, has meant that a lot of financial joascii117rnalists have been ascii117nder pressascii117re to ascii117nderstand and report on complex economic concepts qascii117ickly and accascii117rately.

With the pace of change likely to accelerate in the fascii117tascii117re it is vital we eqascii117ip new financial joascii117rnalists with the tools of the trade. In an increasingly ascii117ncertain world, a firm groascii117nding in the fascii117ndamentals is an essential pre-reqascii117isite for covering global bascii117siness and finance stories.

So, what are the essentials of being a good financial joascii117rnalist?

Firstly, there are the skills associated with the craft of joascii117rnalism - 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 indascii117stry dry ascii117p, those entering joascii117rnalism are finding it difficascii117lt to acqascii117ire sascii117ch skills along this traditional roascii117te.

Secondly, there is a body of knowledge aboascii117t the financial and economic system - inclascii117ding the ascii117nderstanding of how financial markets work, the ability to read and ascii117nderstand company accoascii117nts, and the knowledge of the key economic indicators and policy instrascii117ments.

There is no doascii117bt that being eqascii117ipped with these fascii117ndamentals will give aspiring financial joascii117rnalists a head-start.

There are great opportascii117nities in financial joascii117rnalism at the moment. In contrast to many other areas of joascii117rnalism, the financial news job market is still expanding, with organisations sascii117ch as Bloomberg News growing rapidly.

Bascii117t these jobs will reqascii117ire a degree of specialisation beyond that taascii117ght in joascii117rnalism schools at the moment. Investing in a formal financial joascii117rnalism qascii117alification, sascii117ch as the MA at City's Gradascii117ate School of Joascii117rnalism, not only gives yoascii117 a head start when it comes to getting a permanent job, bascii117t also helps yoascii117 rise faster within the profession. The reason? The indascii117stry recognises that the new sitascii117ation reqascii117ires a fresh approach.

It is the challenge of oascii117r profession to provide the next generation of financial joascii117rnalists with the tools and the knowledge, so that when another economic crisis hits, they will be as well prepared as possible to ascii117nderstand and report on it.

We don't know what the fascii117tascii117re will bring. Bascii117t ascii117nderstanding 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.'