Financial translations require a high degree of specialisation and a profound understanding of the finance sector. In addition, many financial documents have a strong legal component, so the translator must have a background in both financial and legal matters.
Translating for the finance sector
Financial translation is one of the most complicated specialities, given the high level of technical knowledge required. The translator must be able to deal with any type of financial text, the most common types being those mentioned below:
- Translation of audits
- Translation of statements
- Translation of annual accounts
- Translation of stock market documents
- Translation of grant applications
- Translation of reports: management, investment, loans
- Translation of apps
- Translation of financial statements
- Translation of financial marketing
- Translation of management boards
- Translation of minutes of shareholder meetings
- Translation of specialised finance websites
The majority of customers are financial institutions and companies with specific needs. For example, some, by their nature, must present annual financial statements in several languages -
The challenges of this type of translation
Translation for the financial sector poses different challenges for translators, increasing the complexity of this type of work:
- The frequent use of expressions in English. Financial translators must be aware of this at all times, and decide whether to use the term in English or in the target language.
- The terminology and format of financial documents vary depending on the country. For example, the terminology used in annual financial statements varies according to the generally accepted accounting practice of the country in which they are to be presented, and the translator must, therefore, adapt to the terminology of the country in question. International accounting standards also use specific terminology and the terms used must be in line with the customer's instructions.
- The need to keep up to date with developments in the world of finance. In general all sectors constantly evolve, but not all of them do so at the same speed. The field of finance, for example, is evolving rapidly and constantly. To produce a professional financial translation, the translator must be up to date with the economic and legal situation.
- Financial markets, for example, can experience radical changes. Sometimes, these can occur in a matter of minutes. Not being sufficiently well informed about the latest developments in finance and the economy can lead to errors of translation, which could have significant consequences.
- A financial translation must also be carried out according to the most rigorous standards. It is essential to respect the strict rules for presenting each type of document (press releases, audit reports, prospectuses, etc.).
- Finally, the translator must have extensive knowledge of the world of finance, as terms may have many connotations, with one meaning or another according to the context.
What is the difference between a financial translator and a general translator?
There are several differences between a specialised financial translator and a general translator, who also translates texts on economics. The financial translator must have advanced knowledge of the different areas of the economy, previous experience of translation projects specialising in the field of economics, knowledge of the ins and outs of the securities market, the ability to search for and verify economic data in real time, etc.
Another virtue that a good financial translator should have is an innate desire to learn something new every day. The field of finance is constantly moving forward, so the translator must not fall behind in specific knowledge of the sector and the new developments taking place.
A financial translator must be able to update his or her own specialised knowledge, but must also have a keen interest in information that allows him or her to understand the content and purpose of financial documents that are to be translated, easily locate official sources of information on the economy, and quickly distinguish accurate sources from fake news designed to destabilize or upset international economies, etc.
Last, but not least, a financial translator must strictly respect confidentiality agreements.
Do you need a financial translation?
Financial translation is one of the most highly valued specialist fields, but also one of the most complicated because of its rigorous and specific lexicon, so our recommendation is to choose a translation company that specialises in this field.
AT has a specialised financial translation department, as we are a language partner of some of the largest financial institutions, for whom we translate all types of documentation and provide customised technological solutions to manage their multilingual needs. Shall we talk?
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