What does a fico consultant do?
Fico consultant responsibilities
Here are examples of responsibilities from real fico consultant resumes:
- Develop unit test plans, perform security testing and manage integration testing and user training on the FI/CO modules to end-users.
- Establish and test new bank accounts for AP check and ACH payment processing.
- Work on the higher level design and customization of product cost controlling CO-PC, COPA, CCA and PCA.
- Used costing sheet mechanism for overhead calculation by maintaining overhead cost elements, defining calculation bases, percentage overheads and credits.
- Customize A/R and A/P modules, create vendor-customer master records, APP for outgoing payments, credit management and lockbox processing.
- Configure automatic interest calculation procedure, payment terms, correspondence and dunning procedures.
- Used LSMW for upload of GL accounts for foreign currency valuation.
- Maintain PCA relate settings in controlling area like PCA standard hierarchy and PCA currency type.
- Cost center accounting (CCA) assessments are mapped to COPA for net profit projections.
- Support for the new objects with ABAP team to getting accurate output of the object.
- Design, configure and test AP and treasury payments, and electronic bank statement (EBS).
- Work on Lockbox which includes creation of its account which acts as payment collection process and customer payments.
- Configure the derivative rules for user-define characteristics, create costing keys for transferring current cost estimate in COPA.
- Develop and execute pre-deployment training schedules in cooperation with the client site to cover all affect roles in FI/CO area.
- Invoice validation, setup detail specs for electronic settlements (banking, wire transfers, ACH, billing, etc).
Fico consultant skills and personality traits
We calculated that 6% of Fico Consultants are proficient in Master Data, PCA, and Asset Classes. They’re also known for soft skills such as Creativity, Analytical skills, and Communication skills.
We break down the percentage of Fico Consultants that have these skills listed on their resume here:
- Master Data, 6%
Maintain Finance master data repository for DuPont globally.
- PCA, 6%
Worked on the higher level design and customization of product cost controlling CO-PC, COPA, CCA and PCA.
- Asset Classes, 6%
Worked with fixed Assets whereby I setup the Asset Classes, Configured the Chart of Depreciation and the depreciation Areas.
- Business Process, 6%
Project Preparation: Gathering business requirements for existing business processes, identifying then on value-adding events to follow ASAP Methodology.
- FI-GL, 5%
Provided upgrade fixes in all areas of configuration in the application areas FI-GL, FI-AP, FI-AR, Treasury and Banking.
- FI-MM, 4%
Worked closely with MM Consultants for integration of FI-MM using MIRO (invoice verification) and MIGO (goods receipts).
Most fico consultants use their skills in "master data," "pca," and "asset classes" to do their jobs. You can find more detail on essential fico consultant responsibilities here:
Creativity. To carry out their duties, the most important skill for a fico consultant to have is creativity. Their role and responsibilities require that "because analysts are tasked with finding innovative solutions to computer problems, an ability to “think outside the box” is important." Fico consultants often use creativity in their day-to-day job, as shown by this real resume: "involved in month end closing procedure and tracking inventory, variances using internal orders. "
Analytical skills. Another soft skill that's essential for fulfilling fico consultant duties is analytical skills. The role rewards competence in this skill because "analysts must interpret complex information from various sources and decide the best way to move forward on a project." According to a fico consultant resume, here's how fico consultants can utilize analytical skills in their job responsibilities: "created vendor transactions, master data, clearing inter-company vendor/customer open items, logistic invoice verification, evaluated settlement. "
Communication skills. This is an important skill for fico consultants to perform their duties. For an example of how fico consultant responsibilities depend on this skill, consider that "analysts work as a go-between with management and the it department and must explain complex issues in a way that both will understand." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of a fico consultant: "configured new bank accounts through direct interface with bank without implementing bank communication management. ".
The three companies that hire the most fico consultants are:
- Tata Group1 fico consultants jobs
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Compare different fico consultants
Fico consultant vs. Programmer analyst
A programmer analyst is responsible for monitoring database performance and software applications, performing basic troubleshooting, and improving program operations as needed. Programmer analysts' duties also include making adjustments on the system based on client's specifications, creating reports for any updates and new system procedures, designing specific technology solutions to improve the business operations, and performing necessary code adjustments. A programmer analyst must have extensive knowledge of computer systems and procedures, as well as critical-thinking skills to perform complex tasks under minimal supervision.
While similarities exist, there are also some differences between fico consultants and programmer analyst. For instance, fico consultant responsibilities require skills such as "master data," "pca," "asset classes," and "business process." Whereas a programmer analyst is skilled in "sql server," "c++," "java," and "javascript." This is part of what separates the two careers.
Programmer analysts tend to make the most money working in the finance industry, where they earn an average salary of $76,037. In contrast, fico consultants make the biggest average salary, $109,316, in the manufacturing industry.The education levels that programmer analysts earn slightly differ from fico consultants. In particular, programmer analysts are 20.6% less likely to graduate with a Master's Degree than a fico consultant. Additionally, they're 0.4% more likely to earn a Doctoral Degree.Fico consultant vs. Customer relationship management consultant
A customer relationship management consultant is responsible for providing management solutions for clients to develop successful customer relationships. Customer relationship management consultants evaluate business requirements and plans and identify potential risks that may affect the reputation and stability of an organization in the market. They also review the company's services, find strengths and weaknesses, and recommend solutions to enhance customer satisfaction. A customer relationship management consultant must be highly organizational and communicative, especially in finding opportunities to boost the company's brand image and maximize operational productivity to support the customers' needs and concerns.
Each career also uses different skills, according to real fico consultant resumes. While fico consultant responsibilities can utilize skills like "pca," "asset classes," "fi-gl," and "fi-mm," customer relationship management consultants use skills like "power bi," "azure," "salesforce," and "customer service."
On average, customer relationship management consultants earn a higher salary than fico consultants. Some industries support higher salaries in each profession. Interestingly enough, customer relationship management consultants earn the most pay in the retail industry with an average salary of $105,565. Whereas fico consultants have higher pay in the manufacturing industry, with an average salary of $109,316.customer relationship management consultants earn lower levels of education than fico consultants in general. They're 13.0% less likely to graduate with a Master's Degree and 0.4% more likely to earn a Doctoral Degree.Fico consultant vs. Consultant/team lead
Consultant team leads analyze background documentation, project documents, financial reports, etc., to prepare an initial report about the projects they are working on. They gather data through interviews, research, and surveys to design proposals meant to create an inclusive environment for everyone. These leaders work with clients to improve their organization's performance by coordinating their teams and identifying their needs. They also lead a team of consultants and discuss the techniques that help their clients improve their quality of living.
The required skills of the two careers differ considerably. For example, fico consultants are more likely to have skills like "pca," "asset classes," "fi-gl," and "fi-mm." But a consultant/team lead is more likely to have skills like "customer service," "product knowledge," "project management," and "hr."
Consultants/team lead earn the highest salary when working in the finance industry, where they receive an average salary of $112,433. Comparatively, fico consultants have the highest earning potential in the manufacturing industry, with an average salary of $109,316.Most consultants/team lead achieve a lower degree level compared to fico consultants. For example, they're 16.3% less likely to graduate with a Master's Degree, and 1.7% less likely to earn a Doctoral Degree.Fico consultant vs. Information technology consultant
An Information Technology Consultant, also known as IT Consultant, is responsible for sharing extensive knowledge of Information Technology by providing suggestions and solving issues within the company. Among the duties include installing and maintaining the necessary software and hardware, designing new procedures, overseeing all implementations, and ensuring that all systems are running smoothly, employing methods to secure databases, and providing essential instructions when needed. Furthermore, an Information Technology Consultant needs to coordinate and report to management or supervisors at all times.
Even though a few skill sets overlap between fico consultants and information technology consultants, there are some differences that are important to note. For one, a fico consultant might have more use for skills like "master data," "pca," "asset classes," and "business process." Meanwhile, some responsibilities of information technology consultants require skills like "customer service," "database," "project management," and "cloud. "
The finance industry tends to pay the highest salaries for information technology consultants, with average annual pay of $99,092. Comparatively, the highest fico consultant annual salary comes from the manufacturing industry.In general, information technology consultants hold lower degree levels compared to fico consultants. Information technology consultants are 22.6% less likely to earn their Master's Degree and 0.7% more likely to graduate with a Doctoral Degree.Types of fico consultant
Updated January 8, 2025
