One thing I’ve realised through hosting Calculated Conversations is this. Finance isn’t just numbers or markets. It’s shaped by people, context, and decisions. And it’s evolving fast.

This isn’t a textbook overview of what finance is. It’s a reflection on what I’ve picked up from speaking to the people who work in it every day. Quants, global markets analysts, auditors, strategists, private equity pros, and wealth advisors. These conversations shifted how I see the field and how I’m preparing to enter it.

Let’s start with the models. I’ve heard more than once that no model is perfect. That might sound obvious, but it’s actually key. Understanding the limits of a model is just as important as knowing how it works. For example, the Black-Scholes model assumes constant volatility. But markets don’t move like that. Local volatility models try to solve that. The point is, the skill isn’t just using the formula. It’s knowing what the output actually means and where it might fall short.

In corporate finance and private equity, I saw how the technical side gets applied in real decisions. Like using data analytics to shape a multi-million rand investment in an e-commerce company. The numbers gave clarity, but the deal didn’t go through. Sometimes it’s timing. Sometimes it’s economic conditions. That’s finance too. Not every pitch wins.

There’s one skill that came up across every guest. Adaptability. The industry changes fast. Tools, rules, trends. You need to stay curious and ready to figure things out. That exact phrase came up a lot. You don’t need to know everything, but you do need to believe you can learn it.

I also used to think technical skills were the edge. They still matter. But emotional intelligence might matter more. Especially in spaces like audit and assurance. Relationships build trust, and trust is what keeps clients coming back. It’s not just about being good at your job. It’s about knowing how to deal with people too.

Tech came up in almost every episode. AI and automation are changing how financial services operate. From live risk analysis to smarter audits. The big shift is moving from reactive to proactive. Imagine audit as a real-time tool, not a once-a-year task. Imagine financial systems that don’t just track money, but help businesses grow better. That’s the direction we’re headed in.

One insight I keep thinking about is that innovation and long-term success can work together. You don’t need to pick one. Sometimes the smartest move is disrupting yourself. Like Apple did when they killed the iPod to make space for streaming. Finance isn’t just about managing risk. It’s also about managing reinvention.

Two other areas that stood out were commodities and wealth management. Most people don’t understand how complex commodities really are. These teams manage risk at a global scale. And in wealth management, real diversification isn’t just multiple funds. It’s about building a portfolio across regions, taxes, and asset types. A solid plan protects wealth better than any one hot stock.

When it comes to success, everyone had their own version. For some, it’s building a high-growth fund. For others, it’s freedom. Choosing what to work on, and who to work with. But they all agreed on one thing. Surviving matters more than shining. It’s a long game. The ones who stay in it the longest, with integrity, are the ones who win.

That’s what I’ve learned so far. And this is just the beginning. I’ve come to see that finance isn’t about having the right formula. It’s about asking better questions and having the right conversations.