What are the top skills for a Financial Analyst in a large corporation? (2024)

Spreadsheet ninjas are great, and it's a good starting point. But a good analyst will know how to ask the right questions of their customer (usually internal) to determine what question he/she is really trying to answer and bring forth the data and analysis that helps with that decision. Too often analysts give people what they ask for and not what they want.

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In addition to technical skills, it's crucial for someone to articulate the business value of the division they serve and to look for ways to maximize the decision-making process. For example, a CMO listens to and interprets information differently than a CIO. However, if one can create information that addresses the needs of both, it goes a long way.

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OK, picture this: Juggling spreadsheets like flaming chainsaws, predicting the future with a crystal ball made of Excel, and deciphering corporate jargon that would make Shakespeare scratch his quill. That's life as a Financial Analyst in a big company. Top skills? Think Jedi-level analytical powers, communication smoother than a CEO's hairpiece, and an uncanny ability to charm numbers into revealing their secrets. Oh, and a healthy dose of caffeine, because let's be honest, spreadsheets don't run on sunshine and rainbows.

Some of the key skill set required to start your career as Financial Analyst :1. Analytical mindset, you must be vigilant to the information which is coming in, don't grasp anything easily try to find or read between the lines in your dataset.2. Must be proficient in Excel skills, and just don't stop learning modern analytical and BI Tools such SQL, Power BI, Python.3. After analyzing the data you must be good to communicate your results in presentable manner to management.

In my experience, effective communication stands as another indispensable skill for a financial analyst. The capacity to convey intricate financial data clearly and persuasively is vital when engaging diverse audiences like managers, clients, investors, and regulators. Presenting information through charts, graphs, tables, and dashboards is crucial for clarity. Additionally, crafting professional reports, memos, and proposals using suitable tone, style, and terminology is essential. The ability to articulate complex financial insights in a comprehensible manner plays a pivotal role in decision-making processes and maintaining strong relationships across various stakeholders in the finance realm.

It is absolutely crucial to make complex financial transactions/actions consumable to those outside the function. Being able to eloquently share 'the story behind the numbers' to both functional partners (executives) and other stakeholders take an analyst from being moderately effective, to a valued player.

Financial analysts shouldn't work in a silo. The best ones understand the bigger business picture. They can translate financial data into meaningful context for different departments, becoming a strategic partner that helps maximize the company's overall decision-making process. Imagine being the translator who not only speaks the language of finance, but can fluently explain its implications to different areas of the business.

It's clear that the more you know about the business of the company, the better you can help to focus investment in the right areas. When I think of business acumen, I also think of the functional differences and what drives each of these groups. Without that knowledge, compromise, prioritization, and decision making will not progress successfully.

Data will never be clean, fully available, or ready when you need it. Think outside the box on how to alleviate these pressures (timing) and enact best practices to interpolate, extrapolate, smooth, or fill in the gaps where possible.

Learn how to ask the right questions, of the right people. Finance isn't finance isn't finance (and the same goes for accounting). There is value in figuring things out on your own, and not constantly seeking attention from others, but learning where to stop and ask for help is a key part of being a good team member and analyst. Many times someone will be able to quickly see a flaw in logic, an old/broken process, or even a simple formula error. Don't do everything by yourself; balance seeking input and going-it-alone.

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This is a large part of the job/task/project. One needs to be able to broad in thought and flexible as information comes in many ways/forms.

This is critical to a financial analyst's role - to be able to bring different groups together and help them to understand the issues from other perspectives. Everyone understands their problems but not in the context of how it compares to the other issues facing different groups. Financials are all about investing your funds the best way possible and that can only be done with compromise and teamwork.

In addition to professional development (attending classes, webinars, events), it is often helpful to partner with others in your function or organization to learn more about how they manage their day-to-day challenges and to seek feedback on upskilling and re-skilling. Diverse perspectives from folks in a similar boat will offer more impactful actions compared to general practices which may not be helpful or relevant to your task at hand.

Financial analyst must schedule few learning hours every month or week as appropriate to them, must learn what is trending in their industry, modern and updated analytical tools such as PowerBI, SQL,etc.If you are not spending enough on self development skills, this will make financial analysts fall behind in industry trends, hinder their ability to adapt to evolving market dynamics, and limit their capacity in this rapid changing technology world. Continuous learning is crucial for staying competitive and maintaining proficiency