In order for any business to success, it needs good financial data analysis. Financial business analysis is one of the most crucial roles in business finance. Financial analysts are professionals who crunch numbers and generate reports summarizing the businesses financial data for use by other executives in the business such as marketers and departmental managers in making crucial decisions regarding the business. Financial business analysts use both business and financial knowledge in their work.
Jobs in the field
The employment of financial analysts in the field is expected to grow with a projection of a 16% growth in the next ten years. The rise in the need for accurate interpretation of financial data for better business operations in the current complex business environment has led to the opening of more opportunities for financial analysts. Therefore choosing a career in this field is quite promising.
Job description
The day-to-day roles of a financial analyst include routine work such as evaluating the businesses’ financial reports including balance sheets, cash flow statements and income statements. It is the role of the financial analysts to discover how these numbers will impact on the business operations, whether the business will grow or depreciate. Financial analysts also sit in important decision-making meetings with other managers in the business to help give the financial perspective of the impact of these decisions.
Financial analysts can also analyze trends and predict future business opportunities and activities. Their recommendations from this financial information are crucial to the business. Financial analysts need to have a strong handle on the business’ financial database and keep this information secure for reference in future.
Education and training background
For most careers in the world business finance, you need to have a bachelor’s degree in a relevant field such as accounting, business administration, economics, finance and statistics. This kind of training will get you access to an entry-level job.
In order to become a financial business analyst, it is advisable to specialize in accounting. If you have already completed your degree, you can go for advanced level training in accounting to attain this qualification. As a graduate, your potential employer will expect you to be able to be part of the decision-making process of the business, have great management skills, handle statistical data analysis and implement auditing knowledge when evaluating business reports.
Some employers are willing to give continuing education opportunities. You can start working at an entry-level job with your bachelor’s degree and enroll for advanced training using part of your salary and tuition assistance from your employers. You are able to advance your educational portfolio while gaining experience in the working world. Most employers will invest like this in employees who show a lot of potential and dedication to the business.
Personal skills
Some personal skills also help when it comes to working as a financial business analyst. You need to be an analytical thinker who is detail-oriented and have great communication skills to success in the career.
Bio
John Newman is a business financial analyst who has worked in the field for the past ten years. You can read more about business options such as vehicle leasing at https://leasequit.com/.