What does a Senior Finance Analyst do?
A Senior Financial Analyst's role is to oversee the financial aspects and manage fellow analysts in a company. Among the tasks of a Senior Financial Analyst include conducting research and analysis, providing forecast in revenue and expenditures, creating financial models that would suit the company and project more sales, and take part in the planning of finances. Moreover, being a Senior Financial Analyst means leading a team of skilled professionals in the same field of expertise.
Senior finance analyst responsibilities
Senior finance analysts play a crucial role in managing and analyzing financial data to support strategic decision-making. They develop financial models, prepare forecasts, and provide insights into business performance. As Octavian Ionici PhD, Senior Lecturer in Finance at American University, highlights, "Hardcore financial modeling skills are a must for finance. Knowing how to develop a model that will answer multiple what-if scenarios for allocating resources, securing funding, managing risk, developing future plans, and making smart decisions overall."
Responsibilities often include tasks such as "prepared financial forecasts and variance analysis utilized by executive management for strategic planning and reports to the board of directors" and "analyzed weekly disability product sales, and created sophisticated spreadsheets to capture timely financial data, and presented to senior management." These examples underscore the importance of their role in providing accurate and timely financial information to support executive decision-making.
Here are examples of responsibilities from real senior finance analyst resumes:
- 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 leads and executive sponsors.
- Develop, 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.
- Perform and coordinate duties including forecasting, budgeting, cash flow analysis, account reconciliations and monthly maintenance of general ledger.
- Receive promotion in this role to Sr.
- Update report procedure documents as well as SharePoint reports and objects.
- Create extensive business reporting makeup language (XBRL) to increase data integrity.
- Process financial footnotes including assigning proper tags and producing productions in XBRL format.
- Create and implement a new ESSBASE reporting model for financial reporting and financial forecasting of the supply chain organization.
- Mediate conflicts between patients and hospital personnel.
- Provide mergers and acquisition analysis and competitive intelligence to senior management.
- Communicated/Present variances and resolution to senior management, (PowerPoint presentations).
Senior finance analyst skills and personality traits
We calculated that 12% of Senior Finance Analysts are proficient in Financial Analysis, Hyperion, and Financial Models. They’re also known for soft skills such as Computer skills, Analytical skills, and Communication skills.
We break down the percentage of Senior Finance Analysts that have these skills listed on their resume here:
- Financial Analysis, 12%
Prepared narrative and related financial analysis for capital projects, including plant rebuilds and acquisitions, for approval by Senior Management.
- Hyperion, 5%
Developed the financial information and responsible for transmission of the results to the international parent company utilizing Hyperion Enterprise 4.6 Software.
- Financial Models, 5%
Developed financial models that allowed the Director of Mergers and Acquisitions to assess acquisition candidates and participated in due diligence audits.
- Strong Analytical, 4%
Develop a strong analytical skill in financial data projects from the design state through reporting by utilizing systems and models.
- Variance Analysis, 4%
Provided budget planning, forecasting, redistribution of expenses, and variance analysis for administration budget comprised of 21 separate departments.
- Ad-Hoc Analysis, 4%
Performed Ad-Hoc analysis on sales attainment and top-tier customer qualifications.
Most senior finance analysts use their skills in "financial analysis," "hyperion," and "financial models" to do their jobs. You can find more detail on essential senior finance analyst responsibilities here:
Computer skills. The most essential soft skill for a senior finance analyst to carry out their responsibilities is computer skills. This skill is important for the role because "financial analysts must be adept at using software to analyze financial data and trends, create portfolios, and make forecasts." Additionally, a senior finance analyst resume shows how their duties depend on computer skills: "converted financial reporting capabilities to new computer system by rebuilding 10+ monthly financial management reports. "
Analytical skills. Many senior finance analyst duties rely on analytical skills. "financial analysts must evaluate a range of information in finding profitable investments.," so a senior finance analyst will need this skill often in their role. This resume example is just one of many ways senior finance analyst responsibilities rely on analytical skills: "prepared ad-hoc analysis and summarized report to credit committee & company executives. "
Communication skills. This is an important skill for senior finance analysts to perform their duties. For an example of how senior finance analyst responsibilities depend on this skill, consider that "financial analysts must be able to clearly explain their recommendations to clients." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of a senior finance analyst: "analyzed financial reports from various departments such as marketing, sales, communication, operations, hr, purchase and production. ".
Detail oriented. For certain senior finance analyst responsibilities to be completed, the job requires competence in "detail oriented." The day-to-day duties of a senior finance analyst rely on this skill, as "financial analysts must pay attention when reviewing a possible investment, as even small issues may have large implications for its health." For example, this snippet was taken directly from a resume about how this skill applies to what senior finance analysts do: "created a detailed description of the configuration that needs to be done in the erp system. "
Math skills. A commonly-found skill in senior finance analyst job descriptions, "math skills" is essential to what senior finance analysts do. Senior finance analyst responsibilities rely on this skill because "financial analysts use mathematics to estimate the value of financial securities." You can also see how senior finance analyst duties rely on math skills in this resume example: "performed ad-hoc analysis through statistics, econometrics methods and statistical analysis. "
The three companies that hire the most senior finance analysts are:
- Molina Healthcare698 senior finance analysts jobs
- Amazon584 senior finance analysts jobs
- CBRE Group354 senior finance analysts jobs
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Compare different senior finance analysts
Senior finance analyst vs. Finance planning manager
A finance planning manager oversees the budget and finance development processes within a company. Their responsibilities revolve around analyzing financial records, participating in auditing processes, producing reports and forecasts, and coordinating with different company personnel to obtain accurate data. A finance planning manager must also utilize fiscal tools, devise new business strategies and opportunities, and keep abreast of all the company's upcoming projects. Furthermore, as a manager, it is essential to lead and encourage the team, all while implementing the company's policies and regulations.
While similarities exist, there are also some differences between senior finance analysts and finance planning manager. For instance, senior finance analyst responsibilities require skills such as "strong analytical," "ad-hoc analysis," "work ethic," and "power bi." Whereas a finance planning manager is skilled in "balance sheet," "business performance," "business plan," and "financial statements." This is part of what separates the two careers.
Finance planning managers earn the highest salaries when working in the manufacturing industry, with an average yearly salary of $112,683. On the other hand, senior finance analysts are paid more in the technology industry with an average salary of $90,805.The education levels that finance planning managers earn slightly differ from senior finance analysts. In particular, finance planning managers are 2.2% more likely to graduate with a Master's Degree than a senior finance analyst. Additionally, they're 0.2% more likely to earn a Doctoral Degree.Senior finance analyst vs. Finance supervisor
A finance supervisor is typically in charge of overseeing the budgets and financial activities of a company. Among their responsibilities include coordinating with different departments to gather and analyze financial data, performing audits and assessments, preparing and presenting financial reports and budget plans, updating databases, and developing strategies to optimize the finance department's operations. Moreover, as a supervisor, it is essential to lead and encourage the finance staff to reach goals, all while enforcing the company's policies and regulations.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that senior finance analyst responsibilities requires skills like "financial models," "ad-hoc analysis," "power bi," and "strong work ethic." But a finance supervisor might use other skills in their typical duties, such as, "customer service," "balance sheet," "direct reports," and "general ledger accounts."
On average, finance supervisors earn a lower salary than senior finance analysts. Some industries support higher salaries in each profession. Interestingly enough, finance supervisors earn the most pay in the automotive industry with an average salary of $94,318. Whereas senior finance analysts have higher pay in the technology industry, with an average salary of $90,805.Average education levels between the two professions vary. Finance supervisors tend to reach lower levels of education than senior finance analysts. In fact, they're 7.1% less likely to graduate with a Master's Degree and 0.2% less likely to earn a Doctoral Degree.What technology do you think will become more important and prevalent for Senior Finance Analysts in the next 3-5 years?
Dr. Todd Steen
The Granger Professor of Economics, Hope College
Senior finance analyst vs. Finance leader
The duties of a finance leader depend on one's place or industry of employment. Typically, their responsibilities revolve around monitoring the sales and financial operations in a company, preparing financial reports and statements, finding new sales opportunities, identifying the market and client needs, and maintaining records of all financial transactions. There are also instances where a finance leader may set and allocate budgets, perform audits in costs and expenditures, all while implementing the company's policies and regulations.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from senior finance analyst resumes include skills like "ad-hoc analysis," "work ethic," "power bi," and "strong work ethic," whereas a finance leader is more likely to list skills in "financial operations," "business process," "indirect tax," and "balance sheet. "
Finance leaders earn the best pay in the finance industry, where they command an average salary of $120,889. Senior finance analysts earn the highest pay from the technology industry, with an average salary of $90,805.finance leaders typically earn similar educational levels compared to senior finance analysts. Specifically, they're 0.7% more likely to graduate with a Master's Degree, and 0.1% more likely to earn a Doctoral Degree.Senior finance analyst vs. Treasury analyst
A treasury analyst is an individual who manages and analyses the financial activities of an organization that can include cash flows, liability obligations, and assets. Treasury analysts are required to execute the daily cash management of the organization such as cash forecasting, investing of excess cash, and running a hedging program in interest rates. They must present monthly reports and daily briefings on cash flows to senior management and provide advice on the financial operations of the movement of cash. Treasury analysts also update treasury policies and procedures for the organization to comply.
Types of senior finance analyst
Updated June 25, 2024
