There are a range of specialities within the world of translation: legal translation, medical translation, marketing translation, audiovisual translation… Translators most often choose the field the feel most comfortable in and specialise in it.
When it comes to the broader field of technical translation, financial translation is one of the most complicated specialisations. Not only does the translator need to be familiar with industry-specific terminology, but in-depth knowledge of the economic sector is also required.
Keep reading to find out all about the particularities and characteristics of financial translation.
What is financial translation?
Given the high degree of technical vocabulary and financial knowledge required, this type of translation (which deals with translating any type of financial-related text) is one of the most complicated specialities.
What type of text are involved in financial translation?
There are a variety of texts within this specialisation, but the most common ones are: a company’s annual accounts, accounting documents, investment fund documents, audit reports and documents related to any financial transaction (mergers and acquisitions, privatisations, etc.).
Who needs financial translations?
Because of how important they are to private companies, translating financial documents requires a high degree of accuracy and certainty.
The most typical clients are banks, companies, financial magazines and multinational companies.
The request we receive the most from these clients is the translation of annual accounts. Annual accounts are vital when it comes to going public, filing for bankruptcy or securing additional shareholders.
Profit and loss accounts, financial statements, balance sheets, the statement of changes in equity, the cash flow statement and annual reports are some of the most requested documents.
These are documents that can’t be handed over to just anyone. You need to entrust them to a professional financial translator. Give us a call!
What are the main difficulties in financial translation?
There are three main difficulties:
- The high degree of foreign words used in financial jargon: Finance is perhaps the field that borrows the most from English. Financial translators need to constantly keep an eye out for these words and decide whether to use the term in English or in the target language.
- Financial document terminology and format vary from country to country: For example, when translating a company’s annual accounts, the terminology will vary depending on the chart of accounts in the country where it is going to be used, so the translator will have to adapt to the terminology of that country. International accounting, on the other hand, also has its own vocabulary and, depending on the client’s brief, the translator will need to stick to one type of terminology or another.
- The world of finance is full of ambiguities: This is a speciality that uses vocabulary with many connotations and different meanings that depend on the context, requiring that the translator have extensive knowledge of the field.
Financial translation is one of the most in-demand and complex specialisations. The use of English in financial language means that this type of translation has specific characteristics, which is why we always recommend that you choose translators who specialise in this field.
What is the profile of the financial translator?
At Acantho, we carefully select the financial translators on our staff. All of them must meet the following requirements.
- They must be experienced translators: Since financial translation is more complex than other fields, translators must have a degree in Translation and Interpretation along with years of experience and training.
- Expertise in economics and finance: knowing how to translate does little good if you do not understand what you are translating. Financial documents also often include many acronyms, so the translator needs to know what they mean and find their equivalent in the target language.
- Be specialised in financial translation: just like other professions, translators choose their area of expertise after they earn their degree. Our professional financial translators are always specialised in the financial field thanks to additional courses or master’s degrees and years of experience in this type of translation.
Why you should trust Acantho with your financial documents
- We’re pros: Because we’re document translators specialised in economic and financial translations.
- Confidentiality: Because we ensure that all documents and information that we translate are kept confidential.
- Quality: We are committed to guaranteeing the highest standards of quality in document translation, management and proofreading for all our clients.
What languages can we translate your financial translations into?
Although the most frequently requested language for financial translations is English, we adapt our service to the specific needs of each client. Feel free to contact us by email to email@example.com or telephone (+34) 976 910 302 and we’ll provide you with a personalised quote.