Good to have you here! You are probably going to land a job as an accountant, and you’re looking to find what a financial analyst job description is.
Here it is:
Financial analysts assist organizations in making financial decisions by collecting, tracking, correcting, and reporting the company’s financial status.
They keep track of transactions, compile and analyze data, run audits, aid with budgeting and financial forecasts, compute taxes, and communicate their findings to management and other entities such as the IRS or investors.
So, as we proceed in this article, I’ll show you what exactly you’ll be doing as an accountant. But before I do, see the table of content here below for an overview of what to expect in this article.
Who is an financial analyst ?
A financial analyst is a financial analyst who keeps track of a company’s financial transactions, reports its performance to management, and prepares financial statements.
In other words, an accountant is a qualified person who prepares, audits, and finalizes the accounts of companies, individuals, and other entities.
The financial analyst has an array of responsibilities which span from issuing invoices to customers to recording a sale and account receivable, to issuing a salary or wage payment to an employee, which involves recording an expense and the outflow of cash.
So in the lines to come, we’ll look closer at some duties of an accountant.
What does a financial analyst do?
The duties of a financial analyst are vast. Part of it includes preparing and maintaining important financial reports. As we proceed, I’ll show some of the things financial analysts do. Let’s see.
Financial analysts have the responsibility of;
- Assuring financial document correctness and compliance with applicable laws and regulations
- Keeping crucial financial records
- Preparing tax forms and paying taxes correctly and on time
- Insights into financial processes to help firms run more efficiently.
- Advising on cost reduction, revenue growth, and profit maximizing
- Performing forecasts and risk assessments
Where do financial analysts work?
Financial analysts work almost everywhere in the world ranging from corporate offices to government parastatals to private offices.
Basically, any office that runs finances requires the services of a financial analyst to help them track their earnings and expenditures.
So you can find financial analysts in places like banks, insurance homes, startup companies, corporate and government organizations.
How much does a financial analyst earn?
How much a financial analyst earns depends on some factors, which include the level of experience, kind of organization, and location. However, a financial analyst makes an average of $57,290 per year plus other benefits.
Accounting: Training, skills, and requirements
To become an accountant, a bachelor’s degree in finance, accounting, or a related subject is required. A master’s degree too is a plus. Employers value recent grads with relevant internship experience. Certification and suitable managerial experience are advantages for senior positions.
Certifications can replace a bachelor’s degree. A Certified Public Financial Analyst (CPA) undergoes extensive training that includes classroom, practical practice, and written and oral exams. Certified Management financial analyst(CMA) and Certified Financial Analyst (CFA) or a job as an accountant.
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In the same vein, there are several skills that all financial analysts need in order to be successful in their roles. Some of the most important skills for a financial analyst are:
- Attention to detail: Accounting professionals must pay strong attention to detail in order to be able to keep information accurate and organized. With the amount of financial data that must be analyzed, it can be easy to make mistakes; however, simple errors can translate into much larger problems if they are not caught.
- Business acumen: To be effective in this role, an financial analyst must understand the basic functions of a business in order to accurately analyze and interpret financial data. Having a solid foundation in business provides context to the financial information that financial analyst work with on a daily basis.
- Computer literacy: Professionals in this field need to be able to use advanced accounting software and other computer-based tools to work effectively.
- Analytical skills: Collecting and analyzing financial data is a large part of accounting and is an important aspect of identifying patterns and potential issues. In fact, applying data analytics to the accounting field is an emerging trend in the industry that is expected to have a growing impact in the future.
- Communication skills: financial analyst must be able to listen carefully in order to accurately gather facts and figures from clients, managers, or other stakeholders. They must also be able to clearly articulate the results of their work and present their findings in written reports.
- Mathematical skills: A common misconception is that you have to be good at math to be an accountant. It is true that math skills are important in order to analyze, compare, and interpret data and figures; however, complex mathematical skills are not typically necessary to become an accountant.
Financial Analyst Job Description Template
Here below is a typical financial analyst job description. This is as curated by Resource.work.
We are looking for a financial analyst to manage all financial transactions, from fixed payments and variable expenses to bank deposits and budgets.
Financial analyst responsibilities include auditing financial documents and procedures, reconciling bank statements, and calculating tax payments and returns. To be successful in this role, you should have previous experience with bookkeeping and a flair for spotting numerical mistakes.
Ultimately, you will provide us with accurate quantitative information on the financial position, liquidity, and cash flows of our business, while ensuring we’re compliant with all tax regulations.
- Manage all accounting transactions
- Prepare budget forecasts
- Publish financial statements in time
- Handle monthly, quarterly and annual closings
- Reconcile accounts payable and receivable
- Ensure timely bank payments
- Compute taxes and prepare tax returns
- Manage balance sheets and profit/loss statements
- Report on the company’s financial health and liquidity
- Audit financial transactions and documents
- Reinforce financial data confidentiality and conduct database backups when necessary
- Comply with financial policies and regulations
- Work experience as an Accountant
- Excellent knowledge of accounting regulations and procedures, including the Generally Accepted Accounting Principles (GAAP)
- Hands-on experience with accounting software like FreshBooks and QuickBooks
- Advanced MS Excel skills including Vlookups and pivot tables
- Experience with general ledger functions
- Strong attention to detail and good analytical skills
- BSc in Accounting, Finance or relevant degree
- Additional certification (CPA or CMA) is a plus
We are seeking trustworthy candidates who work efficiently without sacrificing accuracy. A financial analyst can expect to work with large amounts of numerical data, handle multiple tasks with deadlines, and provide transparent and complete reports to management. You should have a firm grasp of accounting and financial practices and regulations and possess strong computer and verbal and written communication skills.
To ensure success, a financial analyst should be prompt, honest, detail-oriented, professional, and analytical. Top candidates will have excellent presentation skills with the ability to successfully communicate complex quantitative data to decision-makers.
Financial analyst responsibilities:
- Complying with all company, local, state, and federal accounting and financial regulations.
- Compiling, analyzing, and reporting financial data.
- Creating periodic reports, such as balance sheets, profit & loss statements, etc.
- Presenting data to managers, investors, and other entities.
- Maintaining accurate financial records.
- Performing audits and resolving discrepancies.
- Computing taxes.
- Keeping informed about current legislation relating to finance and accounting.
- Assisting management in the decision-making process by preparing budgets and financial forecasts.
Financial analyst Requirements:
- Bachelor’s degree in Accounting or related field.
- More education or experience may be preferred.
- Special licenses or certification may be required.
- Strong analytical, communication, and computer skills.
- Understanding of mathematics and accounting and financial processes.
- Ethical behavior.
- Attention to detail.
Conclusively, competent financial analysts should be familiar with accounting and financial applications and current trends. Expertise with spreadsheets is required. Using word processing software to create reports and presentations is a must.
A financial analyst should also have experience managing corporate finances and creating budgets based on income and spending accounts. Experience in internal and external auditing is a plus.