The basics of economic and financial translation

In our globalized world, distances in time and space are constantly decreasing and the activities of companies transcend borders. Goods and services are exported from one country to another while financial flows between companies, countries or international organizations are constantly growing. These complex interactions multiply the need for economic and financial translation, making it one of the most sought-after specialties on the market. The variety of economic and financial documents to translate is considerable. Examples range from accounting statements, to meeting minutes, board reports, communication supports and website contents. Companies from all industries need to communicate efficiently with their stakeholders: investors, shareholders, suppliers, subcontractors, retailers, and obviously clients. Relying on high quality translation appears to be a wise strategy on globalized competitive markets. To meet such a growing demand, economic and financial translators are developing specific skills, as we will show you in this article.

Mastering the idiosyncrasies of the language of economics

In the economic field, and especially in the business area, English remains the official language. As any specialized language, the language of economics has its own specificities and difficulties. The polysemy of English terms is extremely frequent and everyday words often take a different meaning when they apply to economic situations: supply, share, interest, or branches can carry very specific economic concepts. Misinterpretation may occur easily.

The economic jargon is also characterized by anglicisms and neologisms: new terms are constantly being created to describe emerging economic and financial phenomenon. Economists love metaphors and spread them all over the world. Some of them are translated, others are not. Golden boys, for example, has become so familiar that no translation seems required. Golden Parachute, on the other hand, will find translated equivalents like Parachute doré in French.

The economic terms and neologisms are challenging to translate. A deep understanding of the content and of the context is a prerequisite for relevant translation. For instance, terms like back office, call option, or hedge funds are explicit for experts but not for neophytes. According to the level of expertise of the target audience, the translator has to discriminate between several translation options:

• Keeping the English term (especially when the translated document applies to experts).

back office (EN) à back office (FR)

• Translating the term (when an equivalent is available in the target language).

back office (EN) à service d’appui (FR)

• Providing explanations with the original term in square brackets (when there is no equivalent in the target language).

back office (EN) à Service chargé de la validation et du suivi des opérations boursières. [back office] (FR)

Experience and great economic skills are essential to complete precise and target-oriented documents. Fortunately, many resources are now available to assist economic translators.

Ensuring the consistency of terminology

High-quality economic translations have to show remarkable terminological accuracy and consistency. The same terms must refer to the same concepts throughout the text to avoid any misinterpretation. Professional translators can benefit from several resources to reach such a high degree of consistency:

• Thematic research: Economic translation requires regular knowledge updates. This is especially important in such a restless field.
• Terminology databases and glossaries: Specialized term-bases are available from most international economic organizations (i.e. World Trade Organization, World Bank, International Monetary Fund, Organization for Economic Cooperation and Development, …). They offer unvaluable resources to economic translators. Many globalized companies also develop their own glossaries to be strictly complied with by translators.
• CAT tools and translation memories: CAT software can significantly improve the consistency of terminology thanks to dedicated automated processes. Translation memories store precious data to help professional translators work faster and more accurately.

Although extremely useful, these resources are not in themselves sufficient to achieve the best economic and financial translations. Some more skills are required.

Committing to quality

Quality management in the translation industry has been improving over the last decades. Reviewing and proofreading has become systematic. When it comes to economic and financial translation, it makes perfect sense. Since financial documents may involve high stakes, translation mistakes can have serious economic consequences. Whether they work for translation agencies, as freelance, or as employees in companies, economic translators must exhibit great professionalism.

Economic translators deal frequently with confidential data and documents. They must prove their ability to protect the confidentiality of their clients. Moreover, the translated documents must be perfectly faithful to the original. Whereas creativity can be a useful skill to translate economic and financial concepts, it is absolutely forbidden when it comes to transcript figures. The quality process must absolutely include a rigorous check of all figures.

A good way to improve the quality of economic and financial translation is to work in teams. Economic translators should ideally evolve in a network of economic and language experts. Even though they gather a large amount of economic and financial knowledge over the years, they still remain language specialists. Asking for economists’ advice on a regular basis helps improve the accuracy of translations.

Towards premium job markets?

Most international companies outsource the translation of their documents, yet some of them dedicate in-house departments to language operations. In any case, involving language specialists in international projects can bring competitive advantages: A precise and well-formulated communication is a decisive asset on competitive markets.

Given the complexity of economic and financial fields, addressing the right message to specific targets requires much more than a simple word-for-word translation. Considerable economic skills, cultural knowledge, creativity, and professionalism are necessary.

A few industries have begun to realize the added value of a clear language strategy. High-skilled financial translators are now working in top management teams of some renowned firms to assist decision makers in their global communication strategy. Translation is then no longer considered as a subcontracted service, but as a strategic resource. The translator is fully recognized and rewarded accordingly. In an increasingly competitive job market, such recognition of translators’ unique skills is particularly encouraging.

Michaud Céline