This post presents complete information on the job description of a financial business analyst, including the tasks, duties, and responsibilities they commonly perform.
What Does a Financial Business Analyst Do?
Financial business analysts are responsible for examining a company’s operations in order to determine its flaws and strong points.
The financial business analyst job description entails examining each department’s personnel cum operational systems and then recommending avenues for improvement.
The financial business analyst may be an employee of a business services firm or an independent contractor.
A large number of their responsibilities require them to use multiple evaluation tools. In a bid to facilitate information gathering throughout the company, they frequently start their job by distributing questionnaires to all the employees to be completed and anonymously returned to the financial business analyst.
This candid opinion survey, or as the case may be, often aids the analyst in figuring problems that may be overlooked by management or unknown to it.
Typical job duties of financial business analysts include evaluating financial reports like cash flow statements, as well as determining how a company’s finances will affect its business operations.
They may also facilitate decision-making process by operations and finance personnel, as well as investors by presenting data analysis cum interpretation in clear and compelling manner.
They are often times required to make suggestions or recommendations for action by synthesizing financial trends and information.
They may also predict future business activity in order to assist sales teams or product developers.
Some analysts may create systems or tools which may include spreadsheets and databases, for the improvement of financial reporting and data analysis.
In the same vein they may also play the role of keeping their company’s financial data secure by controlling its access, as well as documenting activity and procedures for future reference.
Financial Business Analyst Job Description Example/Sample/Template
The following duties, tasks, and responsibilities as shown in the sample job description below usually make up the job description of most Financial Business Analysts:
- Document and understand data needs of finance system requirements, which may include procure to pay, fixed assets, revenue recognition, cash and financial close.
- Assist and train finance and accounting team members on how to use the system which includes providing guidance to the team on existing tools, as well as assist them with researching issues.
- Report, write, and document desktop and system procedures.
- Research, implement, and support new finance system implementation when necessary.
- Assist team members in solving problems relating to their tasks, which may relate to system implementation and production.
- Review, maintain, and suggest modifications as appropriate, to the current procedures and processes.
- Assist with finance and audits cum other outside accounting requirements when needed.
- Execute other projects and duties that may be assigned.
The above activities can be employed in writing a resume for the position, which a financial business analyst can use in seeking a new job.
Financial Business Analyst Requirements: Knowledge, Skills, and Abilities for Career Success
The following are important qualities that most employers will demand from applicants seeking the business analyst position in a financial unit or department.
- 5-6 years of increasing experience in accounting system and general accounting.
- BSc/Msc Degree in Finance or Accounting.
- Previous system experience with NetSuite is necessary.
- Previous experience in health insurance industries preferred.
- Strong background in multi-entities and multi-currency.
- Must be able to prioritize, multitask as well as work independently.
- Must be able to maintain quality of work and at the same time meet multiple deadlines as required.
- Ability to co-exist in a team.
- Excellent interpersonal skills cum responsiveness to others.
- Effective written communication.
- Must be a strong communicator coupled with the ability to maintain open communication with customers, internal employees and managers as needed.