what is a senior financial analyst?
This job title refers to a broad category of positions in the finance industry. A senior financial analyst is anyone who takes on a position of leadership in a financial company. You manage a team of coworkers and work together to perform financial tasks. Not only do you work with math, money, and numbers, but you also carry out traditional team leadership duties.
examples of senior financial analyst
This flexible position encompasses a variety of responsibilities and duties. Here are some examples of what a senior financial analyst does at different financial companies.
- oversees a team of investors managing money for large hedge funds
- manages a department of employees at a local bank branch
- leads a group of brokers and underwriters at a mortgage company
- helps accountants and bookkeepers manage the finances of a small business
are senior financial analyst managers?
A team lead is more hands-on than a managerial position. Your job focuses less on the company's big-picture goals. Instead, you prioritize the details. You do things like delegate work to coworkers, schedule tasks, and resolve disputes. Unlike a manager, you usually don't do things like hire employees or decide on business strategies.
Would working as a senior financial analyst suit your communication and mathematical skills? Then read on to find out what competencies and qualifications you need to thrive in a senior financial analyst role.
view jobs near youaverage senior financial analyst salary
Your salary varies depending on the type of team leadership role you take on. If you have a more managerial role with a lot of authority, you could earn a six-figure salary. The Bureau of Labor Statistics (BLS) reports that financial managers make a median salary of $139,790 per year. If your role is more similar to project management, you can still earn quite a lot. BLS data shows project managers make a median salary of $95,370 per year.
factors that impact salary
Depending on your job, you could make from $46,000 per year up to $164,000 annually. If you want a high-paying salary, it's important to choose your job wisely. According to the BLS, finance team leaders in insurance, technology, and science make higher-than-average salaries. You can also command a higher salary if you have more experience and take on more job responsibilities. Another effective way to earn more is by picking a job with longer hours.
Wondering what you can earn as a senior financial analyst? Find out immediately with the salary comparison tool! You can quickly and easily see what the average salary of a senior financial analyst is.
types of senior financial analyst
Senior financial analyst often specialize in working for a specific industry within the financial world. Common fields for senior financial analyst include:
- banking
- corporate finance
- portfolio management
- insurance
- asset management
- retail banking
- mortgage lending
Companies also categorize teamleads based on their level of responsibility. Some team leaders take on a more managerial role. Especially if you have a lot of experience, you might end up overseeing a very large department. Other teamleads work on a smaller scale and just oversee a few employees. In these cases, you'll often report to another manager or supervisor.
working as a senior financial analyst
If you're interested in being a team leader in the finance industry, it's helpful to know more details about the job. Keep reading to see what a senior financial analyst does and what to expect at this job.
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senior financial analyst job description
What does a senior financial analyst do during their typical workday? This job includes a lot of variety depending on where you work. However, your main purpose will always be to guide your coworkers as they work to achieve financial goals. To carry out these tasks, your job duties will likely include:
- performance tracking: Your job often includes setting metrics and ensuring team members meet these goals on time. To track performance, you'll use software or track things manually with paperwork.
- scheduling tasks: Typically, other supervisorial staff will give you broad goals such as "prepare taxes." You'll then break these goals into clearly defined tasks and assign the tasks to different team members.
- facilitate communication: One of the key duties of any finance team leadership role is to assist with communication. You'll pass messages between different members of the staff. Some teamleads will even communicate with clients.
- preparing financial reports: You'll take all the information you learn in your role and create reports to share with others in the workplace. This allows you to clearly and concisely explain what happens in your department.
- assisting with financial tasks: As a teamlead, you'll spend a lot of time delegating, but you'll also do some financial work yourself. This position often requires you to be versatile and take on any other tasks team members need help with. You might make budgets, record income, or draft documents.
- ensuring compliance: You study all government guidelines and make sure your team follows them. In fields like lending, this might involve properly servicing mortgages, and in fields like banking, this could involve properly storing data.
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senior financial analyst work environment
Like many other jobs in the financial industry, being a senior financial analyst is mostly an office job. You'll spend most of your time indoors sitting at a desk. However, there is still a lot of variety in your work environment. Since you're overseeing so many people, you may travel around the workplace and spend a lot of time in conference rooms as well. If your job responsibilities include meeting with clients or other branches, you'll travel outside the office, too.
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who are your colleagues?
Almost all senior financial analyst work with office support staff like office administrators and receptionists. You'll also spend some time with managerial and executive types such as marketing managers or sales directors. Depending on the workplace, you'll also be working directly with financial specialists such as accountants, bookkeepers, or underwriters.
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work schedule
Senior financial analyst usually follow traditional office hours. You typically work between around 9 a.m. to 6 p.m. on weekdays. The job often includes regularly scheduled lunch breaks and gives you time off for traditional vacations.
This position is a full-time, permanent role for most team leaders. You're often in the workplace as long as your team is there. During times when your company is especially busy, you'll find yourself working longer hours. When doing things like preparing quarterly reports, you might find yourself working nights or weekends.
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job outlook for senior financial analyst
The financial industry continues to grow, so there is a big need for team leads. Depending on how much of a managerial role you take on, data suggests job growth of up to 17% in the financial industry. This faster-than-average job growth rate means there are plenty of positions opening up for team leaders. You can choose from a variety of jobs and find the best one for your needs.
Being a senior financial analyst also comes with a lot of exciting growth potential. For many people, it's the stepping stone from an entry-level finance career to an executive one. This position gives you the chance to refine your management skills and get experience leading others. Certifications like Certified Management Accountant, Chartered Financial Consultant, and Certified Public Accountant can all help you improve your skills and find even better job opportunities.
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benefits of working for randstad as a senior financial analyst
Working through Randstad offers you a range of benefits:
- being paid weekly
- flexibility
- always a contact person you can fall back on and ask for help from
- many training opportunities
- a range of jobs in your area
Want a permanent contract? But you wonder why it would be interesting for you to work with a staffing company? A temporary job as a senior financial analyst is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad, too!
senior financial analyst skills and education
Being a senior financial analyst usually requires a bachelor's degree in a related field. For many positions, this will mean a bachelor's in accounting or a bachelor's in business administration. However, some jobs accept unrelated bachelor's degrees.
The other key credential to becoming a team leader is experience. Almost no company will hire a team leader without knowledge of their industry. Usually, you need to work in a similar style of office setting for two to four years before you become a senior financial analyst. In many cases, team leaders are even promoted directly from the business itself. If your goal is to become a financial team lead, it can be helpful to start working at a business and request promotions over time.
There are some team leadership jobs available to those who don't have a four-year degree or years of experience. If you have worked in an industry for a very long time, years of expertise can outweigh your lack of a degree. You could also use certifications, such as a Project Management Professional, to compensate for lack of leadership experience.
skills and competencies
These skills and technical proficiencies help you succeed as a finance team leader:
- leadership abilities: You need to be comfortable delegating to others and speaking from a position of authority.
- technological skills: Modern finance team leads usually perform their work from computers. Knowledge of Microsoft Office, Excel, and Quickbooks is important.
- technical skills: You'll need industry-specific knowledge such as an understanding of loans, tax preparation, or investing.
- organizational abilities: To keep your team running smoothly, you need to be highly organized. In addition to time management, skills like attention to detail and data entry are very useful.
- critical thinking skills: Your job requires you to be both logical and flexible. Good finance team leads can easily solve problems and analyze tasks to find the most efficient way of addressing the situation.
- mathematical skills: Anyone in the finance industry needs to be good with numbers. Though you probably don't need to understand advanced calculus, you need to at least know standard algebra.
- communication skills: Being able to explain concepts well is an essential skill for this job. Great finance team leads can speak professionally to clients and create a great rapport with their team.
FAQs about working as a senior financial analyst
Here you will find answers to the most frequently asked questions about senior financial analyst.
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what makes a good senior financial analyst?
Good team leaders are often friendly, motivated people who work well with others. However, you don't necessarily have to be a charismatic extrovert to become a senior financial analyst. Technical expertise and a deep knowledge of how the finance industry works can often help you succeed even if you're on the quiet side.
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is a senior financial analyst a boss?
As a senior financial analyst, you take on more of a mentorship role than a boss role. You aren't usually the one hiring, firing, and punishing people, and you don't make decisions on behalf of the company. You do tell people what to do when delegating tasks, but this isn't a position with a lot of authority.
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what major should I pick to become a senior financial analyst?
It's helpful to think about what part of the finance industry you want to work in and pick a major that targets that sector. Finance and accounting are always popular choices. Other useful options include economics, business administration, international business, and mathematics.
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what's the difference between a teamlead and a project manager?
There's a lot of overlap between these two positions. However, team leaders tend to be more focused on individual workers. Instead of jumping from project to project, you stick with the same group of people over time. Being a teamlead is a more detailed position that focuses on day-to-day tasks in the workplace.
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is becoming a senior financial analyst worth it?
Yes, it's worth it. You might be making the same amount as you would in a non-supervisory finance role, like a senior accountant or investment advisor; however, the leadership role you take on is a great way to expand your resume and gain experience for future jobs.
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how do I find a job as a senior financial analyst?
Applying for a senior financial analyst job is easy: create a Randstad profile and search our senior financial analyst jobs for vacancies in your area. Then simply send us your CV. If you do not have a resume, no worries. Just check out our resume builder. This state of the art tool will help you to create your own resume. Need help with your application? Check out all our job-hunting tips!
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