Financial Procedures Analyst: Salary and Career Profile
Financial procedures analysts often pursue careers with private or public companies, financial institutions, and federal, state and local governments. These specialists are responsible for compiling, analyzing and documenting a company’s financial procedures. Using Generally Accepted Accounting Procedures (GAAP), financial procedures analysts create statements, shareholder reports and balance sheets that provide information on a company’s financial activities to its management team, investors and regulators.
Job Outlook for Financial Procedures Analysts
According to the U.S. Bureau of Labor Statistics (BLS), job opportunities for accounting and auditing professionals – including financial procedures analysts – are expected to grow faster than the average for all occupations. This growth will be driven by an increasing awareness of accountability at the organizational level and the need to address new financial laws and corporate regulations.
Certified Public Accountants (CPAs) and other certification holders will have the best financial procedures analyst career opportunities. Those with advanced degrees may also enjoy an advantage.
Job Duties
Financial procedures analysts scrutinize an organization’s financials from departments such as sales, marketing, operations and purchasing. They prepare reports about their research and provide guidance to management. They may also develop techniques for more efficient financial planning.
Other responsibilities of financial procedures analysts include monitoring new trends and developments in the field, reviewing a company’s financial procedures and recommending improvements, and conducting research on similar organizations and best practices.
Financial procedures analysts typically work in offices. Some may work from home. Travel is sometimes required of financial procedures analysts whose careers are with multiple-location organizations.
Salary Potential
National salary data on PayScale.com indicated that financial analyst salaries ranged between $44,213 and $63,490 in July 2010. While recent graduates with a bachelor’s degree will generally have an income at the lower end of that salary range, they can improve their marketability and attain substantially higher earnings by becoming a Certified Public Accountant (CPA) or pursuing an MBA with a specialization in accounting and finance. The top salaries generally go to those with the most experience, certifications and advanced degrees.
Education and Training
Most financial procedures analyst positions require a bachelor’s degree in accounting or a related field, although some employers prefer to hire an applicant with a master’s degree in accounting and finance. Many graduates choose to take the CPA exam to advance their careers. Previous experience is attractive to many employers, and can be obtained through summer jobs or internship programs while pursuing a degree in accounting.
The first step to a financial procedures analyst career generally begins with a bachelor’s degree in accounting.
Employers can be confident that graduates of an accounting education program are able to:
- Accurately analyze financial procedures.
- Adhere to the latest industry rules and regulations.
- Use computers and specialized software to prepare financial reports.
- Investigate an organization’s finances and identify instances of fraud and waste.
- Apply knowledge gained from a bachelor’s program toward an advanced degree or industry certification.
Is a Financial Procedures Analyst Career Right for You?
The business world is becoming more complex, and employers are seeking to hire financial procedures analysts to ensure they are following industry best practices and complying with all applicable rules and regulations. These professionals are typically self-starters, with strong math, critical-thinking, and verbal and written communication skills. Excellent organizational and interpersonal abilities are also important. If you possess these characteristics, along with intelligence and integrity, pursuing a financial procedures analyst position could lead to a rewarding career in business.
