Financial Management Analyst Job Description
Businesses turn to financial management analysts to develop investment plans that will accomplish long-term goals. These professionals also play an integral part in internal business functions by examining ongoing operations for accuracy and efficiency and then making suggestions for improvement. Any organization interested in better financial management can benefit from their services. Thus, financial management analysts find work in diverse settings, including banks, healthcare systems, colleges, individual corporations, and governmental agencies. Hours tend to be full time in an office environment, and putting in more than 40 hours isn’t uncommon.
Financial Management Analyst Duties and Responsibilities
The tasks required of financial management analysts differ by factors such as the size and nature of the company. But whether large or small, all businesses want to make money. Thus, financial management analysts everywhere typically get called upon to do the following:
Knowing where things stand influences future actions. By examining the company’s current investments, financial management analysts gain a good sense of the employer’s financial well-being and can identify what is and isn’t working. They may also spot errors or actions that can improve profits, such as discovering uncollected receivables.
Research Investment Opportunities
Financial management analysts want to make good decisions about where money should be invested. Thus, they spend much of their time learning about possibilities. For instance, they may examine how certain types of stocks are performing and look into future forecasts. Financial management analysts also may need to learn about governmental regulations and tax laws applicable to their employer’s industry.
Financial management analysts convey information and recommendations to leaders. They may discuss options in meetings, present findings in written documents, create charts, and make similar efforts to aid in understanding. Compiling monthly budget statements and annual reports are common tasks.
Since they’re seen as financial experts, people from various departments may come to financial management analysts with questions or concerns. For instance, a leader from marketing may ask for assistance in budget preparation. Financial management analysts also may provide handouts on new company policies, inform colleagues of new governmental regulations, and offer training on matters related to finance.
Financial Management Analyst Skills and Qualifications
As might be expected, financial management analysts are very comfortable around numbers and perform computations with ease. They must be good verbal and written communicators too in order to explain their recommendations to others. Other factors critical to success include:
- Attention to detail – missing information or letting things slip through cracks can lead to poor financial choices that harm the company
- Decision-making– financial management analysts evaluate a great deal of information and use it to make educated choices
- Industry knowledge – familiarity with a range of investment options and a thorough understanding of the benefits and risks of each gives the employer the best odds of achieving desired results
- Computer competency – in addition to using the internet for research, financial management analysts employ technology to handle data and predict outcomes
- Multitasking– financial management analysts receive requests from numerous people and must be able to juggle and prioritize multiple projects
Financial Management Analyst Education and Training
People in this position possess at least a bachelor’s degree in business, finance, accounting, or a related field. Companies oftentimes prefer candidates with a master’s degree. Certification from the CFA Institute also can improve job prospects. Once hired, the employer may sponsor a financial management analyst for licensure from the Financial Industry Regulatory Authority. Continuing education is important for all financial management analysts, as new products and changing laws are common.
Financial Management Analyst Salary and Outlook
The median annual salary for financial management analysts, according to PayScale, is about $63,000. Workers on the lower end of the pay range earn roughly $45,000, while the highest paid make upward of $102,000. Benefits may include medical insurance, paid time off, and retirement plans.
The Bureau of Labor Statistics predicts that employment of financial analysts (a profession very similar to financial management analysts) will increase 11 percent by 2026. People with knowledge of emerging markets may be in particular demand as the global economy continues to grow.
Learn more about becoming a financial management analyst with these sources we’ve put together:
Financial Industry Regulatory Authority – this nonprofit dedicated to investor protection and market integrity offers a range of educational opportunities for financial management analysts to gain knowledge and advance their careers
CFA Institute – the mission of this organization is “to lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society.” In support of this goal, it offers certification opportunities
Analysis for Financial Management – this textbook published by McGraw-Hill Education receives kudos from readers as “down to earth yet informative” and “finance that reads like a novel”
The Essentials of Financial Analysis – discover how to make better business decisions with this book offering in-depth coverage of budgeting, reporting, and understanding the meaning behind the numbers
Financial Analyst Club Worldwide – with more than 150,000 members, chances are someone in this LinkedIn group can answer your questions regarding the profession
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