An individual who understands Commercial Awareness is someone who “Understands the economics of the business. Understands the business benefits and commercial realities from both the organisation’s and the customer’s perspective” (UCAS.ac.uk).
Commercial Awareness is a topic covered by most large graduate recruiters during the interview and selection process, and is a topic that is more likely to be understood by business, marketing, and financial graduates. Graduates from other disciplines are likely to struggle with the topic without thorough research.
Commercial Awareness is something which graduates are expected to understand, but it is believed that only 1 in 4 graduates actually have any idea about the topic, which is frightening. Graduates who can demonstrate a knowledge of this are likely to be able to achieve higher salary careers, which is why iGradu8.com cannot begin to stress the importance of graduates developing an understanding of this.
An individuals ability to demonstrate knowledge of commercial awareness provides an interviewer with an immediate insight into how much research you have undertook in preparation for the interview. It acts as a demonstration of your analytical abilities, and challenges your forward-thinking. It is a good thing when answering these questions to have personal beliefs e.g. “I believe company-x should concentrate on consultancy over the forthcoming years, as this has provided unprecendented growth for the organisational over recent years, especially as taxation has fluctuated dramatically over the same period”.
Specificity is a vital part of commercial awareness. Being able to pinpoint what has happened, what is currently happening, and where the company is likely to go are good starting points for interview research. Knowledge is power. Be prepared, and you will impress.
Although to many this may seem basic to some graduates, conducting a PEST (Political-Economical-Social-Technological) and SWOT (Strengths-Weaknesses-Opportunities-Threats) analysis of the organisation can be powerful tools in generating enough information to impress the interviewer. These tools provide an insight into the micro environment (inside of the firm – able to control/alter) of the organisation company, and the o-environment (outside of the firm – beyond their control. It is no good knowing about what the company is currently doing, if you do not understand what its competitors are also doing.
Below is an mp3 player which features a number of podcasts created by the ACCA (Assosiation of Chartered Certified Accountants), which cover the importance of commercial awareness within every industry type. This is one of the most prestigious graduate recruitmet programs, and if they suggest something we strongly reccomend you to listen and take note. The ACCA know more than anyone about recruiting graduates, so please take some time to listen.
ACCA – Commercial Awareness Podcasts
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