Financial Reporting Analyst Job Description
Job Title: Financial Reporting Analyst
Overview/Summary of the role:
The Financial Reporting Analyst is responsible for analyzing financial data to create reports and presentations to inform stakeholders on the financial status of an organization. They prepare financial reports, forecast financial transactions, and perform detailed analysis of financial data to support organizational decision-making. The Financial Reporting Analyst must have excellent analytical skills, be detail-oriented and have the ability to work efficiently with large amounts of data.
Responsibilities and Duties:
1. Create financial reports and presentations to inform stakeholders on the financial status of an organization.
2. Analyze financial data to forecast future financial transactions and provide input for financial planning.
3. Collaborate with other departments to compile financial information and integrate it into reports and presentations.
4. Ensure that financial reports and presentations are accurate, reliable, and delivered on time.
5. Conduct detailed analysis of financial data to identify trends, variances and opportunities for improvement.
6. Develop and maintain financial models to support forecasting and budgeting processes.
7. Identify, recommend and implement process improvements to streamline financial reporting processes.
8. Support audits and other financial reviews by providing accurate and timely financial data and analysis.
9. Ensure compliance with accounting standards, laws and regulations.
10. Prepare ad-hoc financial analysis and reports as required.
Qualifications and Skills:
Hard Skills:
1. Strong analytical skills and ability to work with large amounts of data.
2. Experience working with financial models, planning and forecasting tools.
3. Knowledge of accounting principles and financial reporting requirements.
4. Advanced proficiency with Microsoft Excel and other office tools.
5. Ability to interpret and analyze financial statements.
6. Experience with financial data management systems.
Soft Skills:
1. Excellent verbal and written communication skills.
2. Strong attention to detail and ability to work accurately and efficiently.
3. Ability to work independently and as part of a team.
4. Strong time management and prioritization skills.
5. Ability to work under pressure and meet tight deadlines.
Education and Experience:
Required:
1. Bachelor's degree in Finance, Accounting or related field.
2. 3+ years of experience in financial reporting or analysis.
3. Certification in a relevant area, such as CPA or CFA.
Preferred:
1. Master's degree in Finance, Accounting or related field.
2. Experience in a large organization with complex financial reporting requirements.
3. Experience with Hyperion Financial Management or similar financial data management systems.
4. Knowledge of SEC reporting regulations.Licensing (if applicable)
A Financial Reporting Analyst may require specialized licenses or professional certifications, depending on the job and industry. For example, if working in the securities industry, the Financial Industry Regulatory Authority (FINRA) may require the analyst to hold specific licenses such as Series 7, Series 63, or Series 86/87.
Typical Employers
Financial Reporting Analysts are commonly employed by companies in various industries such as banking, insurance, real estate, healthcare, and technology. They may also work in public accounting firms, government agencies, or consulting firms.
Work Environment
A Financial Reporting Analyst works in an office setting, typically during regular business hours. The job may require occasional overtime during busy periods such as year-end closing, audits or quarterly financial reporting. The work involves a significant amount of time spent analyzing financial data, preparing reports, and communicating with stakeholders.
Career Pathways (both leading to this position and next positions)
The typical path to becoming a Financial Reporting Analyst requires a bachelor's degree in accounting, finance, or a related field. Some employers may prefer candidates with a master's degree in accounting or business administration. Candidates may also benefit from obtaining professional certifications such as Certified Public Accountant (CPA), Certified Management Accountant (CMA), or Chartered Financial Analyst (CFA).
From the position of a Financial Reporting Analyst, one can progress to roles such as Financial Reporting Manager, Senior Financial Analyst, or Accounting Manager. Alternatively, they can shift their focus to other areas of finance such as Corporate Finance, Treasury, or Investment Banking.
Job Growth Trend (USA and Global)
According to the U.S. Bureau of Labor Statistics, the employment of Financial Analysts is projected to grow by 5% from 2019 to 2029, which is as fast as the average for all occupations. The demand for Financial Reporting Analysts is expected to remain stable as companies continue to expand globally, and the regulatory environment becomes increasingly complex. Globally, the job growth trend also looks positive as most industries require financial analysts' services to maintain and report financial records.Career Satisfaction:
According to Payscale, the career satisfaction rating for Financial Reporting Analysts is 3.9 out of 5. The job allows individuals to work in a challenging and dynamic environment, apply analytical skills to financial data, and work with a wide range of stakeholders.
Related Job Positions:
Financial Reporting Analysts can move into several related job positions, such as Financial Analyst, Senior Financial Reporting Analyst, Corporate Accountant, or Financial Controller.
Connected People:
As a Financial Reporting Analyst, you will interact with various stakeholders within the company, including the Chief Financial Officer (CFO), Accounting Manager, and other financial analysts. Additionally, you may liaise with external stakeholders such as auditors, investors, and regulators.
Average Salary:
In the United States, the average salary for a Financial Reporting Analyst is $66,000 per year. In the United Kingdom, the average is £34,000 per year. In Germany, the average is €48,000 per year. In India, the average is ₹627,000 per year, and in Brazil, the average is R$63,000 per year.
Benefits Package:
Financial Reporting Analysts typically receive benefits such as health insurance, retirement savings plans, paid time off, and performance-based bonuses. These may vary based on the company and the individual's level of experience.
Schedule and Hours Required:
Financial Reporting Analysts typically work normal office hours, Monday through Friday. However, they may work additional hours during critical periods such as quarter-end or year-end reporting. Additionally, there may be opportunities for flexible hours or remote work arrangements, depending on the company's policies.Level of Autonomy: A Financial Reporting Analyst typically works independently under the direction of a manager or supervisor, with some degree of autonomy. They are responsible for analyzing financial data, preparing financial reports, and ensuring the accuracy of financial statements. However, they may also work collaboratively with other departments, such as accounting and compliance, to gather necessary information and ensure regulatory compliance.
Opportunities for Professional Development and Advancement: There are several opportunities for professional development and advancement as a Financial Reporting Analyst. They can specialize in a particular area such as financial analysis, management accounting, or financial accounting. They can also become certified, such as a Certified Public Accountant (CPA) or a Certified Management Accountant (CMA), which can lead to higher salaries and career advancement.
Specialized Skills or Knowledge Required: A Financial Reporting Analyst must have a strong understanding of accounting principles, financial analysis, and financial reporting. They should have proficiency in financial software and data analysis tools, as well as knowledge of regulatory reporting requirements. Additionally, they must possess strong analytical, critical thinking, and problem-solving skills to identify and solve complex financial issues.
Physical Demands: The role of a Financial Reporting Analyst is predominantly sedentary, working in an office setting with a computer for extended periods. Therefore, no significant physical demands are associated with this job.
Tools and Technologies Used: A Financial Reporting Analyst uses a variety of tools and technologies to perform their job duties, including financial software, data analysis tools such as Excel and Tableau, and accounting database systems such as QuickBooks and Oracle. Additionally, they may also use enterprise resource planning (ERP) software, financial reporting software, and document management systems to review and organize financial data.Work Style:
As a Financial Reporting Analyst, you will be required to have a detail-oriented work style. You must be able to analyze financial data and prepare reports with accuracy and precision. You must also be able to work independently, as well as collaborate with your team members. Strong organizational, problem-solving, and time-management skills are also essential for this role.
Working Conditions:
Typically, Financial Reporting Analysts work in an office environment. The position generally involves the use of a computer, so you must be comfortable with spending long periods of time working on a screen. The position may also require occasional travel or working outside of traditional office hours, especially during peak periods such as year-end reporting.
Team Size and Structure:
The team size and structure may vary depending on the company size and industry. In larger companies, the Financial Reporting team may consist of various levels of analysts, supervisors, and managers. In smaller companies, the Financial Reporting Analyst may work more closely with other departments, such as accounting or finance.
Collaboration and Communication Requirements:
As a Financial Reporting Analyst, you will need to collaborate with various stakeholders, including accounting, finance, and other departments within the organization. You will also work closely with external auditors and regulatory authorities. You must be able to communicate effectively and professionally with these stakeholders, both verbally and in writing.
Cultural Fit and Company Values:
A company's culture may vary depending on the industry, but most value teamwork, communication, and a commitment to excellence. As a Financial Reporting Analyst, you will need to align with these values and be able to work collaboratively towards achieving the company's goals. You must also be able to adapt to changing priorities and be flexible in your approach. Strong ethics and integrity are also essential when working with financial data.
Overview/Summary of the role:
The Financial Reporting Analyst is responsible for analyzing financial data to create reports and presentations to inform stakeholders on the financial status of an organization. They prepare financial reports, forecast financial transactions, and perform detailed analysis of financial data to support organizational decision-making. The Financial Reporting Analyst must have excellent analytical skills, be detail-oriented and have the ability to work efficiently with large amounts of data.
Responsibilities and Duties:
1. Create financial reports and presentations to inform stakeholders on the financial status of an organization.
2. Analyze financial data to forecast future financial transactions and provide input for financial planning.
3. Collaborate with other departments to compile financial information and integrate it into reports and presentations.
4. Ensure that financial reports and presentations are accurate, reliable, and delivered on time.
5. Conduct detailed analysis of financial data to identify trends, variances and opportunities for improvement.
6. Develop and maintain financial models to support forecasting and budgeting processes.
7. Identify, recommend and implement process improvements to streamline financial reporting processes.
8. Support audits and other financial reviews by providing accurate and timely financial data and analysis.
9. Ensure compliance with accounting standards, laws and regulations.
10. Prepare ad-hoc financial analysis and reports as required.
Qualifications and Skills:
Hard Skills:
1. Strong analytical skills and ability to work with large amounts of data.
2. Experience working with financial models, planning and forecasting tools.
3. Knowledge of accounting principles and financial reporting requirements.
4. Advanced proficiency with Microsoft Excel and other office tools.
5. Ability to interpret and analyze financial statements.
6. Experience with financial data management systems.
Soft Skills:
1. Excellent verbal and written communication skills.
2. Strong attention to detail and ability to work accurately and efficiently.
3. Ability to work independently and as part of a team.
4. Strong time management and prioritization skills.
5. Ability to work under pressure and meet tight deadlines.
Education and Experience:
Required:
1. Bachelor's degree in Finance, Accounting or related field.
2. 3+ years of experience in financial reporting or analysis.
3. Certification in a relevant area, such as CPA or CFA.
Preferred:
1. Master's degree in Finance, Accounting or related field.
2. Experience in a large organization with complex financial reporting requirements.
3. Experience with Hyperion Financial Management or similar financial data management systems.
4. Knowledge of SEC reporting regulations.Licensing (if applicable)
A Financial Reporting Analyst may require specialized licenses or professional certifications, depending on the job and industry. For example, if working in the securities industry, the Financial Industry Regulatory Authority (FINRA) may require the analyst to hold specific licenses such as Series 7, Series 63, or Series 86/87.
Typical Employers
Financial Reporting Analysts are commonly employed by companies in various industries such as banking, insurance, real estate, healthcare, and technology. They may also work in public accounting firms, government agencies, or consulting firms.
Work Environment
A Financial Reporting Analyst works in an office setting, typically during regular business hours. The job may require occasional overtime during busy periods such as year-end closing, audits or quarterly financial reporting. The work involves a significant amount of time spent analyzing financial data, preparing reports, and communicating with stakeholders.
Career Pathways (both leading to this position and next positions)
The typical path to becoming a Financial Reporting Analyst requires a bachelor's degree in accounting, finance, or a related field. Some employers may prefer candidates with a master's degree in accounting or business administration. Candidates may also benefit from obtaining professional certifications such as Certified Public Accountant (CPA), Certified Management Accountant (CMA), or Chartered Financial Analyst (CFA).
From the position of a Financial Reporting Analyst, one can progress to roles such as Financial Reporting Manager, Senior Financial Analyst, or Accounting Manager. Alternatively, they can shift their focus to other areas of finance such as Corporate Finance, Treasury, or Investment Banking.
Job Growth Trend (USA and Global)
According to the U.S. Bureau of Labor Statistics, the employment of Financial Analysts is projected to grow by 5% from 2019 to 2029, which is as fast as the average for all occupations. The demand for Financial Reporting Analysts is expected to remain stable as companies continue to expand globally, and the regulatory environment becomes increasingly complex. Globally, the job growth trend also looks positive as most industries require financial analysts' services to maintain and report financial records.Career Satisfaction:
According to Payscale, the career satisfaction rating for Financial Reporting Analysts is 3.9 out of 5. The job allows individuals to work in a challenging and dynamic environment, apply analytical skills to financial data, and work with a wide range of stakeholders.
Related Job Positions:
Financial Reporting Analysts can move into several related job positions, such as Financial Analyst, Senior Financial Reporting Analyst, Corporate Accountant, or Financial Controller.
Connected People:
As a Financial Reporting Analyst, you will interact with various stakeholders within the company, including the Chief Financial Officer (CFO), Accounting Manager, and other financial analysts. Additionally, you may liaise with external stakeholders such as auditors, investors, and regulators.
Average Salary:
In the United States, the average salary for a Financial Reporting Analyst is $66,000 per year. In the United Kingdom, the average is £34,000 per year. In Germany, the average is €48,000 per year. In India, the average is ₹627,000 per year, and in Brazil, the average is R$63,000 per year.
Benefits Package:
Financial Reporting Analysts typically receive benefits such as health insurance, retirement savings plans, paid time off, and performance-based bonuses. These may vary based on the company and the individual's level of experience.
Schedule and Hours Required:
Financial Reporting Analysts typically work normal office hours, Monday through Friday. However, they may work additional hours during critical periods such as quarter-end or year-end reporting. Additionally, there may be opportunities for flexible hours or remote work arrangements, depending on the company's policies.Level of Autonomy: A Financial Reporting Analyst typically works independently under the direction of a manager or supervisor, with some degree of autonomy. They are responsible for analyzing financial data, preparing financial reports, and ensuring the accuracy of financial statements. However, they may also work collaboratively with other departments, such as accounting and compliance, to gather necessary information and ensure regulatory compliance.
Opportunities for Professional Development and Advancement: There are several opportunities for professional development and advancement as a Financial Reporting Analyst. They can specialize in a particular area such as financial analysis, management accounting, or financial accounting. They can also become certified, such as a Certified Public Accountant (CPA) or a Certified Management Accountant (CMA), which can lead to higher salaries and career advancement.
Specialized Skills or Knowledge Required: A Financial Reporting Analyst must have a strong understanding of accounting principles, financial analysis, and financial reporting. They should have proficiency in financial software and data analysis tools, as well as knowledge of regulatory reporting requirements. Additionally, they must possess strong analytical, critical thinking, and problem-solving skills to identify and solve complex financial issues.
Physical Demands: The role of a Financial Reporting Analyst is predominantly sedentary, working in an office setting with a computer for extended periods. Therefore, no significant physical demands are associated with this job.
Tools and Technologies Used: A Financial Reporting Analyst uses a variety of tools and technologies to perform their job duties, including financial software, data analysis tools such as Excel and Tableau, and accounting database systems such as QuickBooks and Oracle. Additionally, they may also use enterprise resource planning (ERP) software, financial reporting software, and document management systems to review and organize financial data.Work Style:
As a Financial Reporting Analyst, you will be required to have a detail-oriented work style. You must be able to analyze financial data and prepare reports with accuracy and precision. You must also be able to work independently, as well as collaborate with your team members. Strong organizational, problem-solving, and time-management skills are also essential for this role.
Working Conditions:
Typically, Financial Reporting Analysts work in an office environment. The position generally involves the use of a computer, so you must be comfortable with spending long periods of time working on a screen. The position may also require occasional travel or working outside of traditional office hours, especially during peak periods such as year-end reporting.
Team Size and Structure:
The team size and structure may vary depending on the company size and industry. In larger companies, the Financial Reporting team may consist of various levels of analysts, supervisors, and managers. In smaller companies, the Financial Reporting Analyst may work more closely with other departments, such as accounting or finance.
Collaboration and Communication Requirements:
As a Financial Reporting Analyst, you will need to collaborate with various stakeholders, including accounting, finance, and other departments within the organization. You will also work closely with external auditors and regulatory authorities. You must be able to communicate effectively and professionally with these stakeholders, both verbally and in writing.
Cultural Fit and Company Values:
A company's culture may vary depending on the industry, but most value teamwork, communication, and a commitment to excellence. As a Financial Reporting Analyst, you will need to align with these values and be able to work collaboratively towards achieving the company's goals. You must also be able to adapt to changing priorities and be flexible in your approach. Strong ethics and integrity are also essential when working with financial data.