The performance review is arguably more important this year than any other year in recent history. As financial firms falter and companies continue to trim the fat, the performance review is the time for professionals to demonstrate just how important they are to the company and remind supervisors of all of the contributions they've made. In order for your performance review to go well, you'll want to prepare thoroughly.

Making a Self Assessment
Experts agree that you should be collecting data to bolster your position in your performance review year-round rather than scrambling the day before to remember your contributions. Keep a file of all of your emails from management, peers and clients praising your work. When it comes time for your review read through them carefully which will help jog your memory of the ways you've gone above and beyond what's expected of you.

A personal assessment is easier if you keep a diary of your achievements throughout the year. Record any ways you were accoladed, found ways to bring in business or helped the company save money, as these will be focal points of your review. Problem-solving will also be a major area in the coming year as financial-services firms look to get back on their feet. Show how you've helped tackle your company or division's biggest obstacles.

Finally, do an honest self-assessment of your work. Reflect on the moments you are most proud of over the last year. John Agno, an executive coach based in Ann Arbor, Mich., says you may even want to ask peers what they thought of your performance.

Your Last Review
Find your old performance review and look over the strengths and weaknesses cited. Have you improved upon the areas your supervisor identified as needing work? Did you achieve the goals he or she set for you last year? Also, think about what goals you want to tackle in the coming year, that way you can help shape the direction of your career with your manager.

Managing Expectations
You'll want to manage your expectations says Nick Zarcone, managing director and chief operating officer of investment bank Robert Baird's investment banking group. Zarcone says that people who work in finance, especially investment banking, are so accustomed to being in the top 10% throughout their lives that when it comes to review time, they can neglect to see their faults.

Before the Review
Some companies request that employees fill out a performance review form prior to the actual meeting. While you'll want to demonstrate all of your accomplishments and contributions on this form you'll also need to identify areas where you can use improvement, says Hallie Crawford, an Atlanta-based career coach. However, instead of just listing weaknesses, she suggests listing ways you plan on improving those weaknesses whether it be courses, mentoring etc.

During the Review
During the performance review you'll want to have a positive attitude. Managers in the financial-services industry are fearful that once the economy picks up, employees will jump ship. By conveying that you love your job and are forward-thinking, you can help alleviate some of these concerns, says John Robinson, head of the employment law practice at Fowler, White, Boggs in Tampa.Similarly, it's very likely you've assumed the responsibilities of laid off co-workers over the course of the last year. Now is a great time to remind management how you've stepped up to the plate and taken on additional responsibilities to ease the reductions in force, says Robinson. If the person whose responsibilities you have assumed is more senior than you, this is also a good way to show that you're ready for the next step at your company.

Responding to Feedback
When it's time for feedback from your supervisor, don't be defensive. Agno suggests taking notes on what areas your manager says you should work on improving that way you are occupied while the criticism comes. If your manager makes a point you disagree with, don't let your emotions get involved. In some cases, it may be better to wait a day or two to reflect on the feedback and develop a level-headed response.

Ask intelligent questions about any areas that are unclear or need improvement. You may want to phrase it as: "How would you recommend I go about improving a certain skillset," says Zarcone. This can also be a great time to express interest in certain projects or areas of the company, says Crawford.

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Don't be fooled, once you sign the copy of your review and return it to your supervisor the review isn't over. "Many people think about the review while they sit with their manager, follow up the next day or week, and then it goes in their desk draw and stays there until the next year," says Zarcone, who adds that this is the wrong approach. Rather, you should identify the areas where your review was weakest and create a game plan to tackle those weak spots, he says. You may also want to ask your manager if it's acceptable to meet again in a few months to discuss your progress and keep him or her in the loop about your efforts.

-- Dana Mattioli

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