Finance Analyst Job Description Example
What Does a Finance Analyst Do?
This post is centered on the job description of a finance analyst. It exposes the job duties carried out by financial analysts and the skills they must possess if they are to perform optimally in the position.
Opportunities abound for anyone whose wish is to work as a finance analyst. However, the role can be very tasking and demands a lot of skills and expertise.
The nature of the firm employing a financial analyst or the department he/she works in also goes a long way in determining the work description and scope of a financial analyst.
A finance analyst working in accounting and audit firm will likely engage in compensation accounting and management, as well as work with finance managers to develop business processes.
He/she must ensure that financial models devised can be integrated with the available technology and manpower to accomplish business objectives.
He/she may also be responsible for the daily general ledger accounting and reconciliation.
He/she is expected to prepare periodic financial reports as well as resolve financial inconsistencies and discrepancies.
In addition, a finance analyst is expected to handle budget variance analysis, income statement and balance sheet.
All these reports and documents must be prepared in a timely manner to aid in effective and quick decision making.
Finance analysts also work in the banking sector where their duties and responsibilities include development and support of all phases of financial planning process, creation of periodic profit and loss reports, and variance analysis to aid finance managers in reviews.
They also work with finance managers to develop quarterly and annual forecasts and budget.
Finance analyst carry out extensive research to identify relevant financial data and information, assemble and summarize such data and make meaningful recommendations based on analysis.
Finance analysts evaluate investment prospects as well as identify risks and problems and recommend solution to resolve them.
They provide maintenance support to track project finances as well as analyze and monitor billing milestones to ensure consistency with budget.
In business services, finance analysts analyze financial results, monitor variance and trends that guide management in financial decisions.
They also identify financial status of the business by comparing the actual result with expected result.
They also perform scenario and strategic analysis to identify present performance and future financial expectation.
These professionals develop complex financial models, pricing models and analytics to support the marketing and sales team.
They also develop analytical models that utilize non-financial data to determine future performance of the business.
In the construction industry, finance analysts alongside performing his or her standard tasks also produce charts, graphs and color displays that aid in the presentation and interpretation of financial information.
During project bid, finance analysts carry out thorough analysis to provide financial insight to convince clients.
These include presenting the company’s financial standing in a positive manner, as well as its cost analysis.
They also conduct feasibility study for clients who want to embark on projects to determine the viability of a project.
Finance Analyst Job Description Example/Template
Below are the typical tasks, duties, and responsibilities of most finance analysts; therefore, if you are seeking to work as a finance analyst, here is a job description example to help you prepare for the functions of the job that you will be expected to carry out:
- Work with finance managers to develop business processes
- Ensure that financial models are integrated with available technology and manpower
- Responsible for daily general ledger accounting and reconciliation
- Prepare periodic financial reports and resolve inconsistencies and discrepancies
- Develop and support all the phases of the financial planning process
- Develop quarterly and annual forecasts and budgets
- Research to identify and compile financial data and information
- Conduct financial analysis based on available data and make valid recommendations
- Evaluate investment prospects and identify risks and potentials associated with such prospects
- Analyze and monitor billing milestones to ensure consistency with budget
- Perform scenario and strategic analysis to identify present performance and future expectations
- Develop complex financial models, pricing models, and analytics to support the sales and marketing team
- Conduct feasibility study to ascertain the profitability of a business or project
- Maintain stable relationship with clients and the top management.
Finance Analyst Resume Preparation
Finance analysts needing a new job will need to make a resume to present to employers with the goal to effectively sell their competence and experience to recruiters.
To make the work experience part of the resume, where you need to highlight the duties and responsibilities that you carried out as a finance analyst at your previous place of employment, the above sample job description can help you with it.
However, you may have to adjust the highlighted functions to match the roles you actually performed.
Requirements – Abilities, Skills, and Knowledge – for Finance Analyst Role
To work as a finance analyst the requirements you will have to satisfy with most employers include the following:
- Education: To be employed by a financial services firm, or to succeed as a finance or investment consultant, a Bachelor’s degree in accounting or finance is necessary. In addition, you must have extensive knowledge of accounting principles and functioning of the securities market
- Computer Skills: Finance analysis involves lots of research and data entry and analysis. So, a finance analyst must be proficient in computer applications; especially MS Excel, accounting software, and other related applications
- Communication Skills: Ability to communicate effectively is very paramount to success in the field of finance analysis. A finance analyst must be able to communicate very well with clients and co-workers through various means which could be written, verbal or electronic. He/she must also have superior reporting skills
- Analytic Thinking: The duty of a finance analyst revolves around analyzing financial data and making valid conclusion and recommendations. So, he/she must be logical in reasoning.
Finance Analyst Skills for Resume
Employers generally require applicants for the finance analyst job to have the above qualities and skills because they believe such will make them better on the job.
Therefore, to stand a better chance of getting the job, you need to acquire the required skills for the job and highlight them in your resume.
Doing this makes your resume more captivating to recruiters as it shows you have the necessary skills to carry out your job description effectively if hired.
If you are seeking to work as a finance analyst, having a foreknowledge of the job description, including the functions of the position is the right thing to do to be well prepared to succeed in your career.
Also, employers of finance analysts can also use the job description template shown above to design one for recruiting and assigning functions to their new staff.
How do you find our job description for the role of finance analyst? What major functions do you perform as a finance analyst? Please share your thoughts or work experience with us in the comment box below.
See 15 financial analyst skills to be best on the job.
Job Assessment Tests: How to Top Your Competition
As part of the hiring process, most applicants that passed the initial Resume/CV screening phase are required to pass an assessment test for the job or apprenticeship position they are applying for.
The goal of this phase is to determine if the candidate has the appropriate set of skills and qualities to excel on the job.
Find out the tests you will be needing to take for the position you are applying for; get lots of success proven Practice materials to prepare with now: Sure way to make high scores in job tests.