Junior Financial Analyst Job Description, Duties, and Responsibilities
What Does a Junior Financial Analyst Do?
Junior financial analyst is an entry level role which is responsible for analyzing the financial position of a company and recommending relevant policy actions by collecting, mining, monitoring, and studying data.
Their job description entails assisting with work plan reporting and reconciliation, processing financial transactions and tracking time and expenses.
It also involves analyzing and consolidating budgets and income statement forecasts.
Financial analysts also provide creative alternatives and recommendations to reduce cost and improve the financial status of the organization
Their work description often also entails providing explanation to complex financial subjects, as well as data to non-financial stuff, and any other tasks assigned by their organizations.
Junior Financial Analyst Job Description Example/Sample/Template
The functions of a junior financial analyst changes from sector to sector, depending on the requirements of the firm they work for and the tasks assigned.
However, the major duties, tasks, and responsibilities that they generally perform are highlighted in the job description example below:
- Assist in the preparation of financial reports
- With the help of computer spreadsheets, draw charts and graphs to illustrate technical reports
- Perform data entry, verification, and back-up; and maintain database
- Develop automated accounting applications to improve productivity
- Manage and coordinate the key financial measurements (revenue, gross profit, expense, and profit and cash), and also advise on cost reducing techniques
- Determine the prices at which securities should be offered and syndicated to the public
- Interpret data on yield, price future investment risk trends, stability, economic influences, and other factors affecting investment programs
- Monitor variances, track receivables, and follow up on discrepancies
- Conduct business studies, review accounts, vendor reports, contractual terms, prices, and market oscillations
- Recommend investments and timings; prepare action plans for investment using financial analysis
- Analyze financial performance and develop forecast models
- Perform budget and cost analysis, reviewing and advisory of financial status
- Perform risk assessments and evaluation of due taxes
- Communicate or liaise with direct management, finance personnel and other analysts in meeting task assigned by the firm
- Present verbal or oral reports on general economic trends, individual corporations, and whole industries
- Maintain confidentiality of financial information, investment decisions, or any other tasks assigned by the organization.
Requirements – Skills, Abilities, and Knowledge – for the Role of a Junior Financial Analyst
Some big firms may require a minimum CGPA of 3.5/5 in a business related degree in order to work as a junior financial analyst. However, small and medium-sized firms may prefer work related experience over a high college CGPA business degree.
Postgraduate degree in business, finance, or accounting, or an additional certification such as CFA, CPA, and ACA can help prospective employees interested in this career path advance quickly.
Now, here are a list of common requirements and qualifications applicants for the role of junior financial analyst may have to meet to be considered for the job by most organizations:
- Minimum of one to three years experience as a junior financial analyst, financial analyst, or in a similar role
- Bachelor’s degree in business, finance, accounting, or economics, or any finance related degree
- Critical thinking and problem-solving abilities
- Data analytics and good IT skills – Proficiency in SPSS, STRATA, big data analysis, MS Access, Excel, Power-Point, accounting software, Oracle, HFM, project management software, financial modelling, and analysis applications
- Good interpersonal skills, detail oriented, self-motivated and organized
- Well-grounded in portfolio management, financial modelling, and statistical concepts
- Good research, quantitative, and analytical skills
- Good communication and presentation skills – verbal and oral
- Ability to prioritize task, multitask, and work in a fast-paced environment
- Good knowledge of laws, government regulations, and legislation that affect the financial industry
- You may be required to pass certain assessment tests to be hired for this position.
Junior financial analysts offer assistance to the financial department in taking sound decisions using detailed analysis from data gathered in the firm.
They require a minimum of a year work experience as financial analyst, with a degree in business, finance, accounting, economics, mathematics, statistics, or in any related field along with relevant skills and certifications, to secure an interview.
However, completing a postgraduate studies such as MBA’s or Masters in any business, finance, or accounting, or in a related field can reinforce your career growth and open more career-related opportunities.
This post will help undergraduates or fresh graduates aspiring to work as financial analysts. It highlights the most important duties you will be expected to handle if hired for the position.
This post equally highlights the skills and qualifications you need to have to be able to land a job as a financial analyst. Therefore, it’s a useful guide to help you acquire the necessary skills and qualifications if you are still an undergraduate.
Also, if you are already a graduate, this post will definitely help you in knowing what to include in your resume to convince hiring managers to give you a chance.
And if you are a hiring manager interested in recruiting a competent graduate to fill the position of junior financial analyst, the sample job description provided in this post will help you create a comprehensive description of the job in your organization that can attract the right type of candidates to your offer.
Did you find this article helpful in learning about what junior financial analysts do? Please, leave your thoughts in the comment box below. Do also share your job description if you work as a junior financial analyst in your company.