A Senior Financial Analyst’s function at a company is to handle financial issues and manage colleague analysts. A Senior Financial Analyst’s responsibilities include doing research and analysis, producing revenue and expenditure predictions, developing financial models that would suit the organization and estimate more sales, and participating in financial planning. Here’s what to know about a senior financial analyst including its needed skills, job description, salary, available jobs, and how to become one as a remote worker or an on-site.
What Is a Senior Financial Analyst?
Senior financial analysts are in charge of coaching junior financial analysts and steering a company’s financial decisions. Competent senior financial analysts produce accurate and timely predictions to assist the organization in meeting its financial objectives.
What Does a Senior Finance Analyst Do?
By examining financial reports, conducting financial analyses, and building financial models and predictions, senior financial analysts advise and support junior financial analysts. By connecting accounting decisions with economic trends, financial analysts improve a company’s financial status.
Financial analysts can move to the position of senior financial analyst after gaining at least 4-6 years of experience. Senior financial analysts carefully study data before advising on investment selections based on their findings. They also oversee other finance department employees, assist with forecasting, and produce financial proposals for approval by the Chief Financial Officer (CFO). Their primary roles and responsibilities are as follows:
- Create financial models and financial projections.
- Review and analyze financial reports and share findings with leadership and stakeholders.
- Help create budgets and forecasts.
- Ensure the company is complying with federal and state financial reporting laws and regulations.
- Create predictive models for cost projections as well as quarterly and annual profits.
Senior Financial Analyst Skills
There are some abilities that senior financial analysts should have. They are also noted for soft talents such as computer, analytical, and communication abilities. We look over the most significant senior finance analyst abilities in greater depth here:
Senior Financial Analyst Hard Skills
- Analytical skills.
- Data analysis.
- Expertise in creating financial models.
- Critical thinking and problem-solving.
Senior Financial Analyst Soft Skills
- Communication and presentation skills.
- Organizational skills.
- Time management.
Job Description Senior Financial Analyst Sample
You may get a decent idea of what employers are looking for when hiring for this position by reviewing our Senior Financial Analyst job description sample. Remember that each organization is unique, and each will require distinct qualities when hiring for a Senior Financial Analyst position.
Job Summary
We are looking for an experienced and skilled Senior Financial Analyst to join our team. As a member of our finance team, you will assist company operations by preparing annual and quarterly budgets for various departments and business teams, as well as analyzing key business information and drivers. Your analysis and recommendations influence operational choices and have a significant impact on project timeframes and completion. Our ideal candidate has considerable professional finance experience, with at least five years of leadership experience.
Senior Financial Analyst Responsibilities:
- Reviewing and analyzing financial statements and reports.
- Tracking KPIs and preparing financial reports.
- Assisting with budgeting and monthly close processes.
- Understanding key business drivers.
- Assisting project teams with financial guidance.
- Developing financial projections and building financial models.
- Performing research and analysis as required.
- Ensuring compliance with financial guidelines, company policies, and relevant legal regulations.
Senior Financial Analyst Requirements:
- Bachelor’s degree in finance, accounting, or a related field.
- 2+ years of experience in financial planning, analysis, and modeling.
- Ability to present financial information to a non-financial audience.
- Working knowledge of financial strategies.
- Strong organizational and multitasking skills.
- Excellent communication, interpersonal, and presentation skills.
- Detail-oriented and able to perform in a high-pressure environment.
- Strong analytical thinking and problem-solving skills.
- Proficiency in Microsoft Office and SAP, Oracle, or related financial systems.
How to Become a Senior Financial Analyst
Senior financial analyst employment and pay vary greatly by geographic area. To become a senior financial analyst, you must meet the following requirements:
#1. Explore Senior Finance Analyst Education
One of the first things to consider if you want to become a senior finance analyst is how much education you’ll need. We discovered that 73.9% of senior finance analysts have a bachelor’s degree or higher. In terms of higher education, master’s degrees are held by 21.6% of senior finance analysts. Even though most senior financial analysts have a college degree, becoming one with only a high school diploma or GED is impossible.
When exploring how to become a senior finance analyst, choosing the right major is always a vital step.
#2. Develop Senior Finance Analyst Skills
Before applying for a position, you should work on your senior finance analyst skills. Here are some common talents included in senior financial analyst job descriptions:
- Financial Analysis
- Hyperion
- Financial Models
- Strong Analytical
- Variance Analysis
#3. Complete Relevant Training/Internship
Senior finance analysts typically spend 6-12 months on-the-job training after they are hired. New senior financial analysts gain the skills and strategies required for their unique profession and organization during this time.
#4. Research Senior Finance Analyst Duties
When deciding to become a senior finance analyst, it is critical to understand the duties and obligations of this position. Most senior financial analyst positions have some common responsibilities. The following are the primary responsibilities that define the role:
- Used SharePoint repository to manage all project documents.
- Manage deployment of SQL databases across multiple platforms within a secure environment focusing on security and data integrity.
- Leverage and improve key performance indicators to drive portfolio management to core business team lead and executive sponsors.
- Develop, and maintain financial models/applications (VBA Excel/Access) to automate and streamline business processes and perform financial analysis.
- Validate data in Hyperion Essbase for implementation.
- Perform month-end accounting close activities including preparation of accruals and monthly financial analysis reports for business unit management.
#5. Get Senior Finance Analyst Experience
A senior finance analyst typically requires 2-4 years of experience. Financial analyst, senior accountant team leaders, and staff accountant are the most typical roles prior to becoming a senior finance analyst.
#6. Prepare Your Resume
Finally, once you’ve reviewed the required abilities and responsibilities for this position, you may begin developing your CV. Everything that goes into building a beautiful resume might take hours, days, or even weeks to complete.
#7. Apply For a Senior Finance Analyst Job
It’s time to start looking for a new job with your CV in hand. Consider the following tips for a successful job search:
- Browse job boards for relevant postings
- Consult your professional network
- Reach out to companies you’re interested in working for directly
- Watch out for job scams
Senior Financial Analyst Salary
In the United States, the estimated total pay for a Senior Financial Analyst is $96,073 per year, with an average salary of $88,115 per year. These figures indicate the median or the midpoint of the ranges calculated by our unique Total Pay Estimate algorithm. A Senior Financial Analyst’s annual salary or pay is projected to be $7,958. A Senior Financial Analyst’s additional salary may include cash bonuses, commissions, tips, and profit sharing.
How can a Senior Financial Analyst Increase their Salary?
There are several strategies to increase your salary as a Senior Financial Analyst.
- Change of employer: Consider a career move to a new employer that is willing to pay higher for your skills.
- Level of Education: Gaining advanced degrees may allow this role to increase your salary as a senior Financial Analyst and potentially and qualify for promotions.
- Managing Experience: If you are a Senior Financial Analyst who oversees more junior Senior Financial Analysts, this experience can increase the likelihood to earn more salary.
Senior Financial Analyst Education and Experience
Senior financial analysts are frequently expected to hold a bachelor’s degree in finance, accounting, or a closely related discipline. A master’s degree in a related discipline might assist aspiring analysts increase their work chances. Senior financial analysts often have five or more years of finance expertise.
Senior Financial Analyst Career Path
A Senior financial analysts generally begin their careers as entry-level analysts or accountants before moving up to a more senior position. Finance manager, accounting manager, senior accountant, or controller are common roles held after senior financial analyst.
What Makes a Good Senior Finance Analyst?
A qualified Senior Finance Analyst will be well-organized and pay close attention to detail. They will have strong analytical and problem-solving skills, as well as the ability to collaborate with people in teams on complicated problems or tasks that may require numerous approaches to be successful. They will also possess exceptional supervisory and leadership abilities.
How Many Years of Experience Should a Senior Financial Analyst Have?
A bachelor’s degree in finance, accounting, or a similar subject is typically necessary for senior financial analysts. A CFA or CPA credential is held by many senior financial analysts. This position typically requires at least five years of prior finance job experience.
Do Financial Analysts Make a Lot of Money?
They are compensated fairly. In 2021, the average salary for a Financial Analyst in the United States was $96,000. Some professionals in the field of financial analytics earn significantly more than this. Financial Managers, for example, will earn an average of $132,000 in 2021.
Do You Need an MBA to Be a Senior Financial Analyst?
Financial analysts should have a bachelor’s degree in business or a similar profession. A financial analysis MBA and relevant experience are also advantageous. Professional qualifications, such as the chartered financial analyst (CFA) title, can help you advance in your profession.
Do Financial Analysts Do a Lot of Math?
To analyze financial data, analysts employ advanced mathematical and statistical procedures such as linear regression. In undergraduate and graduate school, financial analysts can expect to take hard math courses such as calculus, linear algebra, and statistics.
Is a Financial Analyst Better Than an Accountant?
Financial analysts often earn more than accountants, and their starting salaries are often greater. Accountants are expected to expand at a 4% annual pace by 2029, while financial analysts are expected to grow at a 5% annual rate.
How Hard Is It to Get a Financial Analyst Position?
Despite the rising need for financial analysts, the employment market remains extremely competitive. As previously stated, most firms require at least a bachelor’s degree for entry-level positions.
Conclusion
A Senior Finance Analyst is a professional who employs budgeting, forecasting, modeling, and reporting to maintain the financial health of their firm. Find information on the role, career path, and salary trajectory of a Senior Financial Analyst if you are considering becoming one or planning your next move in your career.
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