If you have a passion for accounting and finance, and would like to help people in solving their financial issues, or guide them on how to develop their business, then you can take up a career as a financial analyst. Financial analyst responsibilities are significant as they perform a thorough analysis of the financial information and provide consultation regarding valuable and actionable information that would be helpful in making critical decisions for the organization. They are also responsible for evaluating the performance of the subordinates and are actively involved in the budget making decisions.
Key Responsibilities of a Financial Analyst Consultant
The financial analyst consultant is a professional who needs to understand and know the clients well in order to be able to get an insight into their needs, objectives, and requirements. Based on this criteria, these professionals analyze and provide appropriate consultation services to their clients that are crucial in establishing strong and healthy relationship with the potential clients, thereby ensuring more profitability for the organization. A financial analyst consultant needs to handle a variety of complex responsibilities which are as follows:
Thus, they function as a subject matter expert and a consultant, thus helping in resolving the financial discrepancies and variances. They work in close association with the accounting and finance department, and implement procedures that would help in improving the financial processes. They should analyze the financial statements in order to ensure their accuracy and integrity. They may need to handle some special projects related to accounting and finance and perform the related duties as well.
Essential Skills
The best financial analyst consultant would have good problem solving skills, excellent interpersonal communication skills, exceptional analytical skills, along with an ability to identify issues and solve them in a timely manner. He should be able to work independently as well as should be comfortable working in a team environment. He should be able to work under pressure and ensure high quality work even under stressful working conditions. He should have a keen eye for details and should be confident while making important decisions.
Educational Background
Individuals aspiring to make a career as a financial analyst consultant should have a bachelor's or a master's degree in the relevant field like accounting, finance, economics, math, etc. Additional professional qualification, certification or training will surely be desirable. A degree in business administration and management is also desirable.
Work Hours
The daily routine requires a financial analyst consultant to work for eight hours maximum. However, being in a responsible position, he may need to extend his work schedule and work overtime in order to meet the stringent deadlines. Therefore, he should be flexible to work for long hours whenever there is a requirement.
Salary Details
The salary of a financial analyst is dependent on a number of factors like academic background, experience and skills of that person. It also varies depending on the geographical location, type, and size of the firm. Depending on the work experience, the salary normally falls in the range of $37,000 to $79,000.
Career Prospects
Finance and accounting field is very competitive, and there is a huge scope for growth and development. If you possess the right kind of qualifications and are an expert in the relevant field, you can definitely advance to higher positions.
Thus, in order to ensure a better, successful and a lucrative career, you should be well acquainted with the financial analyst consultant responsibilities.