Financial Associate Duties And Responsibilities

Financial associates are responsible for extending their valuable support in analyzing the financial services and providing appropriate solutions so as to achieve the financial objectives of the organization. Financial associate responsibilities are diverse and complex in nature and require him to perform the auditing, accounting, and any other relevant financial functions with accuracy as well as ensuring compliance with external and internal regulations.

Key Responsibilities of a Financial Associate

Financial associates need to think strategically and work in a fast paced environment. They are involved in a diverse range of duties like relationship management with the potential clients, investigation of the core strategic issues or queries, creating and presenting the deliverables effectively as per the requirements of the client, etc. Let us study in detail the key responsibilities that are handled by a financial associate:

• To clarify and get an insight into the financial model and financial status of the organization by conducting an in-depth financial analysis
• To develop a research agenda that will assist in successful implementation of business or strategic planning process that includes questionnaires, surveys, focusing on group protocols, benchmarking, and statistical analysis
• To analyze the research findings to identify its implications and strategic challenges and to collaborate and coordinate with the clients to develop and implement organizational business plans, project budgets, and develop strategies for effective operation of all the departments
• To facilitate and participate in the meetings of staff, board, and other stakeholders as per the requirements
• To make presentations for developing the major clients, and write and edit reports related to progress and delivery of the project
• To closely monitor the progress on key deadlines and ensure clear and concise communication with clients regarding the key findings, research, work plans and objectives
• he is involved in the budget preparation, overseeing the accounts, monitoring and reconciling the accounts and reviewing it, so that it can be presented in such a way as to facilitate better planning and decision making.
• He is the main source of contact for getting information on fiscal procedures and policies, advising and guiding the staff members and recommending plans of action.
• He is responsible for managing, tracking, and updating the accounting record systems and recommending remedial procedures for better efficacy.
• He oversees the payments, handles the account payables and receivables, and tries to identify if there are any discrepancies associated with it.
• Thus, he needs to work independently, keeps the senior personnel updated with the status of the project, and ensures that it is in compliance with the organization's rules and regulations, and also ensures client satisfaction.

Essential Skills and Abilities

A financial associate must have strong communication and interpersonal skills and should be able to handle his work independently with minimal supervision. He should have the ability to handle confidential and complex information with discretion. He should be well versed with computers, with a keen eye for details. He should have a drive and passion to excel, be self confident and totally customer centric with good math skills. He should have good problem solving skills and develop innovative ideas. He should be able to work under stressful work conditions.

Educational Background

A bachelors or a master's degree in the field like auditing or accounting with expert knowledge of various accounting concepts and theories is essential to make an entry as a financial associate. A master's degree in business administration may also prove to be of great help. An additional internship experience would prove to be beneficial.

Salary Details

The average salary for a financial associate is in the range of $55,000 to $58,000. However, it largely depends on a variety of other factors like experience, skills, educational background, geographical location, type and size of the industry they are working in. With relevant professional work experience, it can guarantee you a salary in the range of $102,000 to $136,000.

Work Hours

The financial associate needs to work for thirty five to forty five hours per week. The work hours may be extended depending on the priority of the project and its deadline. They must be flexible to work in the late evenings, nights, or sometimes even on the weekends or holidays.

Career Prospects

There is an increasing demand for financial associates and those with higher professional qualification like masters in finance or those with additional professional certification like CFA will definitely progress faster and can advance to higher positions.

Thus, to become a complete professional, it is extremely crucial that you shoulder the financial associate responsibilities efficiently and effectively.

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