Financial Analyst Staff Responsibilities

There are a wide range of roles that need to be performed by the financial analyst staff members within an organization. The financial analyst staff responsibilities vary depending upon the work they have been assigned and their level of responsibility. Their work mostly is of administrative and supportive type. They generally work under the supervision of a manager and take guidance from him and are responsible for reporting to him.

Financial Analyst Staff Responsibilities

Financial analyst staff function as per the directions given by the senior personnel like supervisor or manager. They assist in performing complex financial and statistical analysis associated with the development, implementation and approval of budgets, formulating alternative recommendations to improve the financial operations of the organization which in turn will help in meeting the financial objectives. Let us understand in detail the key responsibilities that need to be handled by the financial analyst staff:

1. To identify and implement techniques and tools that would assist in the cash management, payroll management, etc.
2. To develop budget plans that are in accordance with the contractual agreements, to evaluate and justify the budget requirements by analyzing the difficult financial and budget proposals, and meeting with the managers to identify the issues associated and make subsequent recommendations
3. To explain in detail the budget requirements and convey it to the managers to ensure adherence to the established procedures, to counsel and provide valuable advice to the mangers to ensure smooth flow of work relevant to the financial operations
4. To analyze and research alternative solutions for improving the operation and organization of the financial systems
5. To study and forecast the financial trends, assist in performing complex statistical computations, assist in creating financial models, and help in development of tools that would help in benchmarking and evaluating the financial performance
6. To assist in the preparation and drafting of financial reports that would give an in sight into the financial status of the organization

Apart from these major responsibilities, he is also responsible for making presentations to the managers, answering the financial and other relevant project queries, identifying the problems, gathering the relevant financial details from the available resources for data analysis, conducting legislative analysis and studies, etc. He is equally responsible for presenting his conclusions and recommending plans of action that would assist in improving the financial procedures. Thus, he plays a key role in ensuring that all the financial procedures are carried out effectively by carrying out the duties as per the instructions given by the seniors from the organization.

Essential Skills and Abilities

To become a complete professional financial analyst staff member, you need to have some of the following essential skills:

• To be able to gather objective financial information, compile, and analyze it
• To make accurate observations, make detailed and correct computations of financial data by effectively using the computer and information management system
• To be able to present comprehensive reports and make relevant presentations in a clear and concise manner
• To plan and organize the work in such a way so that the targeted deadlines can be met
• To be able to function independently as well as should be able to work in a team environment and follow the given instructions
• Excellent analytical skills and should take initiative to lead, and should be able to provide alternative solutions that would help in meeting the organization's objectives

Educational Background

To make an entry as a financial analyst staff member, you should possess a minimum bachelor's degree in accounting, finance, economics or any other relevant field. A relevant professional working experience, internship, certification, or training would prove to be beneficial.

Work Schedule

Financial analyst staff members work in a normal office environment with their work hours lasting for about thirty five to forty hours per week. They may need to work overtime if there is some pending work that needs to be completed in the given time limit. Normally, they work late in the evenings or at nights, or sometimes on public holidays and weekends.

Salary Details

The minimum salary that is being offered for the entry level position is $50,000. The highest salary for the experienced candidates is close in the range of $95,000 to $110,000. It varies depending upon the geographical location, size and type of the organization where the person is employed in.

Career Prospects

There are bright career prospects for those aiming to make a career in the field of finance, as this is one field which is of prime importance in any type of industry. Moreover, if you have higher qualifications, you definitely have chances for getting promoted to higher positions.

Thus, before you step in this finance industry, make sure you are well acquainted with the financial analyst staff responsibilities.