Financial Business Analyst Job Description
A Financial Business Analyst recommends and implements methods for increasing a company’s efficiency and profitability. They analyze the company’s business model and finances and they use their findings to make suggestions for improvement regarding everything from budget and operations to management.
Financial Business Analysts often work as liaisons between multiple teams including customer service, product development and management. They may work for one company, but a significant portion work on a contract or consultative basis with multiple clients. Business and financial occupations in general are expected to grow roughly 8 percent over the next ten years, which is about average, according to the Bureau of Labor Statistics.
Financial Business Analyst Duties and Responsibilities
In order to improve business operations and increase profit, a Financial Business Analyst performs many different tasks. We analyzed job listings for Financial Business Analysts in order to identify these core duties and responsibilities.
Perform Financial Analysis
Financial Business Analysts must conduct complex financial analysis to determine present and future performance. Documenting all data and findings thoroughly, the Financial Business Analyst presents findings to appropriate management personnel. Financial forecasting is a crucial part of this process, and is used to aid in budget creation.
The Financial Business Analyst evaluates previous budgets, expenditures, and operational efficiency together with results of overall financial analysis in order to develop and implement future budgets. They monitor a company’s expenditures and profits regularly, ensuring cost effectiveness and making recommendations to management to maximize profits.
Using results from financial and budget analysis data, the Financial Business Analyst communicates results and presents business recommendations to upper and executive-level management staff. These recommendations may include cost reduction measures, revenue generation ideas, and ways to streamline operations or increase customer satisfaction.
As the resident expert in the company’s finances and business operations, the Financial Business Analyst provides financial training and business education to the company’s employees. This training is not comprehensive but rather covers concepts that are relevant to the completion of their jobs and will aid in the overall efficiency of the company. The Financial Business Analyst may also train less experienced financial analysts.
Financial Business Analyst Skills
Highly detail-oriented, Financial Business Analysts possess strong analytical abilities and a quantitative background. In addition to these skills, they must also be great communicators in order to work with, educate, and advice other teams. With the ultimate goal of increasing productivity for the entire company, Financial Business Analysts are phenomenal leaders and highly motivated.
Core skills: Based on job listings we looked at, employers want Financial Business Analysts with these core skills. If you want to work as a Financial Business Analyst, focus on the following.
- Having financial or business analysis experience
- Proving strong quantitative abilities
- Demonstrating proficiency in Microsoft Office programs, such as Excel and PowerPoint
- Showing knowledge of standard accounting procedures
Advanced skills: While most employers did not require the following skills, multiple job listings included them as preferred. Add these to your Financial Business Analyst toolbox and broaden your career options.
- High grade point average
- Certified public accountant license
- Experience with a “big four” accounting firm
- Second language
Financial Business Analyst Resources
We searched the Web to find the best industry resources to help you continue exploring a career as a Financial Business Analyst. From thought leaders to industry groups, this list is packed with opportunities to learn, connect and engage.
On the Web
Business Insider – Provides popular and up-to-date business and economics news
Accounting Coach – Gives accounting advice as a comprehensive accounting resource
Rortybomb – Offers in-depth financial and political analysis
National Society of Accountants – One of the largest accounting organizations
Association for Financial Professionals – The biggest association for finance professionals
Association of Accountants and Financial Professionals in Business – Organization for finance and accounting professionals
Financial Business Analyst Books
Value: The Four Cornerstones of Corporate Finance – Highly rated book on corporate finance
Business Analysis Methodology – A discussion of methods and techniques for business analysis
The Accounting Game – An overview of basic accounting principles
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