Struggling with data storytelling problems while writing finance assignments? Relax, that is nothing out of the world and happens to almost every finance student every once in a while. There is obviously a solution to your problem as well.
Data storytelling is an art that requires practice to be mastered. We have the best practices to get started with such types of assignments. Ensure that you read the guidelines of your university and then follow these instructions.
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How to do Data Storytelling in Finance Assignments?
As a finance student, you should work on developing a grip on how to turn numbers into narratives. In today’s data-driven business world, this skill means that you must be able to communicate data to the relevant individuals.
Mere communication of data is not enough in this regard; you must present it in a way that entices the readers and wants them to read more about your work.
Here is an example of how you can do it – the data used in this image is for a bunch of hypothetical beer companies:
Image Source: https://www.projectpro.io/article/storytelling-with-data-a-key-skill-for-data-scientists/174
Here, you see all the information is presented in a manner that a common reader with no background information can understand. If you pick the same data and just tell the readers about the numbers, they won’t understand a single thing about it.
The presentation of the data is what really matters. Once you are done presenting the data in the form of different visuals, you should provide the narrative descriptions of the work to your audience. It shall keep them from getting tangled in any vagueness or ambiguity about the data you are presenting.
Becoming a Master Data Storyteller in the Finance World
The first place to begin with is your audience. Think about the people to whom you are communicating all that information. Do they know about the issues you are trying to address in your work? If not, you should start from the basics and let them know about the main research problems of your work from scratch.
Image Source: From Venngage’s Data Storytelling in Marketing: Benchmark Report 2021
Here are the components of the best finance assignments that get good grades from the examiners:
1. A Compelling Headline
The snappy and short description of your assignment shall tell the reader clearly about what your work is about. It should be something that highlights the issue at hand. Also, it should explain what the data is all about – the data must not be vague, and it should be in its clear form.
Using the main research aim and objective as a headline will be a good idea because it helps you get started with answering the critical questions of your research work really quickly. Whatever headline you choose, ensure that it is engaging enough for the readers.
2. The Best Data Visualisation
Visuals are a great way to present your data to the readers in an effective manner. It is because the information you present in the form of visual media is quick and easy to understand. Further, if you use compelling visuals, it will increase the engagement of the reader with your work.
Be sure to consider your audience here: Think whether a graph is really the best way to communicate your message or another infographic would work better. Choose the data visuals that best fit the theme of your work and use them in a suitable number.
3. Narrative Description of Work
When working on your assignments, remember that financial data storytelling is all about converting numbers into narratives. Apart from the visual representation of the data, you should also include a little bit of narrative description in your work.
When you include a short narrative in your work that supports the visuals and headlines, it increases the worth and value of your work. It should be something that makes the readers understand the key insights of your assignments.
If you have detailed data to add to your finance assignments, you should consider adding that information in an appendix. Also, you should add a web link to the source of information you are adding to your work.
Apart from that, you must add the references of your work in the bibliography. If you do not, it shall count as plagiarism in your work. Eventually, failing to link and reference your sources poses a negative impacts on your work.
How to Structure Your Finance Assignments for Data Presentation?
For a finance student, it is important to present all the numbers in a manner that is convincing and clear to be understood by the readers. The format should be something that appeals to the readers and helps them best understand your work.
To create the best finance assignments in this manner, you should:
- Understand the basic research problem and clarify it to the readers. Think of it as a mystery that you have to unravel for the readers.
- Develop an in-depth understanding of the business environment to effectively gauge the impact of your research work on it.
- Study the implications of your work on the existing research problem from different perspectives. Consider the viewpoints of customers, executives, suppliers, third parties and more.
- Structure your assignment in a defined academic format and be consistent with the way you are displaying your information.
- Adapt your story to fit the understanding of your audience. Also, ensure that there are no smaller or bigger mistakes in your work.
Delivering financial information to people who do not have an accountancy background can be challenging. If you learn the techniques to present the data correctly in the finance assignments, you will succeed both in your academic and professional life. When you apply the tips we mentioned in this article, your assignments will stand out.
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