what is a finance business partner?
As a finance business partner, you advise a company's board of directors and direct its management on the best strategies to grow the business. Experience as an accountant or finance expert is ideal for this role, in which you work with managers to track the company's financial performance and position the firm for growth. A finance business partner uses forecasting techniques and analysis to develop strategies and guide decision-making. This requires a deep understanding of financial models, data analysis, and industry knowledge. Your analytical skills enable you to spot trends and make accurate projections for the company's financial future.
This job also predominantly involves building relationships between the board of directors and employees. You ensure the employees understand company strategies and advise the board on achievable financial goals. Most finance business partners work with a particular business department to ensure its financial strategies align with the company's goals.
Also, as a finance business partner, you need to convey information flawlessly and in an accessible manner. Whether you are addressing the board of directors or company employees, you need to have a mutual understanding with your audience to succeed in your line of work. You must be comfortable with change and able to adapt quickly as the business environment continually evolves.
Finally, you need to be someone who is comfortable taking calculated risks and working with uncertainty. As a financial expert, your role entails making critical decisions and providing advice on the best course of action for the company, even when the outcome is uncertain. Other important skills include being good at assessing data and translating its value in making decisions and influencing finance and operations.
Would working in finance as a finance business partner suit your financial acumen and critical thinking skills? Then, read on to find out what competencies and qualifications you need to thrive in a finance business partner role.
view jobs near youaverage finance business partner salary
According to the U.S. Bureau of Labor Statistics (BLS), the average salary of a finance business partner is $139,790 per year. Entry-level roles pay $79,050 annually to start, with compensation increasing as you gain skills and experience. Top-level professionals in this position receive a compensation package amounting to more than $239,200 per year. Finance business partners also earn lucrative bonuses since their roles directly contribute to business growth and success. Total compensation usually includes various benefits and perks, such as health insurance, retirement plans, and stock options.
ways of increasing finance business partner salary
Like with all other careers, the more you excel and develop your skills, the more likely you are to earn promotions and salary increments. An advanced degree such as a master's in finance or business administration (MBA) can increase your expertise and marketability. Also, take up professional certifications such as Chartered Financial Analyst (CFA) or Certified Management Accountant (CMA), which showcase your knowledge and skills in the field.
Next, work with as many teams and departments within the organization as possible. The more relationships you build, the easier it becomes to identify opportunities for growth and improvement. Job hopping after several years in a role is also necessary to gain diverse experience, which helps in negotiating for a higher salary.
The company's size and resources also impact the total compensation package of a finance business partner. A multinational company with many resources offers better compensation than a medium-sized company. This is because large companies have more complex financial operations and require a higher level of expertise from their finance business partners.
Specialization could also earn you a higher salary as a finance business partner. For instance, you can leverage expertise in financial analysis or investments to negotiate higher compensation than someone with a general background in finance. Becoming an expert in your field requires considerable time and effort, distinguishing your value and knowledge in the industry.
Networking and building relationships within the industry are also vital. Attend conferences, seminars, and workshops related to your field to stay abreast of industry trends and connect with potential employers.
Wondering what you can earn as a finance business partner? Find out immediately with the Randstad salary checker! You can quickly and easily see what the average salary of a finance business partner is.
types of finance business partner
Some types of finance business partners include:
- junior finance business partners: When you join the finance team in this role, your job mainly involves data analysis and formulating business strategies. You evaluate the financial performance of the departments you work with and pass the information on to relevant stakeholders.
- senior finance business partners: In this role, you work alongside the board of directors, advising them on the best course of action for implementing business strategies. You also evaluate investment risks and help the directors determine the best expansion techniques.
- interim finance business partners: These are temporary employees who work on short-term projects or fill in for a permanent finance business partner. They are responsible for maintaining the financial stability of the company and ensuring that operations continue to run smoothly.
- consultant finance business partners: These professionals work on a contractual basis to offer their expertise and advice to businesses. They may specialize in specific areas, such as risk management or financial planning, and provide valuable insights to help businesses make informed decisions.
- virtual finance business partners: Virtual finance business partners have become increasingly popular as remote work has become more common. These professionals work remotely, using technology to communicate and collaborate with their teams and clients. They handle all aspects of finance management for a company without needing to be physically present in the office.
working as a finance business partner
As a finance business partner, you improve the impact and understanding of financial reporting and use this information to drive financial goals. Let's explore the daily tasks and duties of a finance business partner.
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finance business partner job description
Some of the tasks of a finance business partner include:
- reviewing commercial performance: As a finance business partner, you review company performance monthly or annually and compare it with set goals. You look at financial reports and track the performance of various departments to determine areas of improvement. For instance, if sales are declining, you may suggest an increase in marketing efforts or a change in pricing strategy.
- forecasting and planning: Finance business partners work closely with department heads to determine financial needs for projects and ensure that the company stays within its budget. Your job entails collecting and analyzing financial data, creating reports, and forecasting future trends to help the company make strategic decisions.
- identifying and measuring key performance indicators: As a finance business partner, you identify the performance indicators of a company and use them to measure success. For instance, you calculate the return on investment for every expansion idea proposed to help the management find the best opportunities.
- providing finance and business support to operations: As a finance business partner, you help the commercial, sales and operations team understand the company's goals. You translate company strategies into actions and measures that employees can incorporate into their daily routines.
- investigating significant budgetary variances: When a department exceeds its budget by a substantial margin, a finance business partner can help its team improve the budgeting process. As a finance business partner, you conduct monthly investigations and analysis of the financial position of each department. In the event of any variances, you identify the underlying causes and propose effective financial management strategies to the budget holders.
- analyzing the impact of service changes: When a company introduces a new business model or product, you analyze the impact of changes on business performance. You work closely with business units to identify and analyze potential risks, financial implications and potential opportunities resulting from changes. By doing this, you help the company make informed decisions that align with its overall financial goals.
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finance business partner work environment
Mainly working on a computer and attending meetings, a finance business partner typically works indoors. However, some board meetings occur outside the business premises, allowing you to work outdoors occasionally. While your work involves minimal traveling, you need to attend some conferences and industry events. If the company has offsite manufacturing units or branches, traveling to these locations to conduct financial audits and reviews is necessary. Overall, the work environment is dynamic and requires strong communication skills to collaborate effectively with various departments and stakeholders.
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who are your colleagues?
A finance business partner works alongside accountants, mortgage brokers, finance managers, grant writer positions, and sales representatives. Your chances of working in close proximity to finance analysts and data analysts are also very high. Other specialists you are likely to work with include project managers, marketing managers, and human resource managers. You could also rub shoulders with external entities such as auditors, tax consultants, and legal advisors.
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work schedule
A finance business partner typically follows regular business hours, although the work often extends beyond that timeframe. You work an average of 40 hours weekly, but it's important to anticipate occasional late nights to meet deadlines. You also have the flexibility to work remotely and participate in meetings via teleconferencing. It is rare for most companies to offer work-from-home opportunities for finance business partners.
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job outlook for finance business partner
A career as a finance business partner anticipates steady growth, with companies recognizing the value of this role in driving business success. The BLS projects a 16% growth rate — much faster than average — for financial managers through 2032. This estimate includes finance business partners.
It's also worth mentioning that the finance industry offers a wide range of roles that intersect with the responsibilities of a finance business partner. Professionals aspiring to this role often find rewarding careers as financial analysts, corporate treasurers, or investment bankers. If corporate governance interests you, risk management officers and compliance managers earn comparable remuneration and receive similar growth opportunities.You are only a few steps from executive management positions as a finance business partner. With your qualifications and the value you bring to businesses, you could move to top-level positions like chief financial officer (CFO) or chief executive officer (CEO). Some finance business partners with many years of experience in the field become consultants.
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benefits of working for randstad as a finance business partner
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 finance business partner is often a steppingstone 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!
finance business partner education and skills
A finance business partner needs the following qualifications:
- university degree: A strong academic foundation in accounting, finance, business administration, or a related field is essential. Therefore, the first step is to obtain a bachelor's degree in a relevant subject. This will give you the foundational knowledge and skills needed to succeed in a finance business partner role.
- professional certification: While not always required, obtaining a professional certification such as a Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA) can greatly enhance your career prospects and demonstrate your expertise in the field. These certifications often require passing rigorous exams and meeting strict requirements for work experience and ethics.
- experience: Many finance business partner roles require previous experience in a related field, such as accounting or financial analysis. You can get started with internships and entry-level positions and work your way up to more senior roles.
- specialized expertise: Sometimes, companies may require specific skills or knowledge for a finance business partner position, such as experience with a particular accounting software or industry expertise. It's important to continuously develop and expand your skill set to remain competitive in the job market.
skills and competencies
The qualities of a finance business partner include:
- decision-making skills: Finance business partners make crucial decisions concerning the company's growth and expansion strategies. You need decision-making skills, as mistakes can lead to huge losses.
- communication skills: Your job is to communicate the company strategy to various stakeholders. Having exceptional communication and interpersonal skills helps you to connect with your audience and convince them to support your decisions.
- analytical skills: You require strong analytical skills to analyze financial data and make informed recommendations. This involves understanding complex financial information and using it to drive business decisions.
- leadership skills: Part of your job involves motivating and leading cross-functional teams toward achieving financial goals. Strong leadership skills are essential for building trust, managing conflicts and driving collaboration among team members.
- strategic thinking: As a finance business partner, you need to align financial decisions with the overall company strategy. This requires the ability to anticipate future trends and make proactive recommendations to support the company's long-term goals.
- business acumen: In this role, you need a deep understanding of how businesses operate, including their various functions and processes. This helps you to identify and address potential financial challenges, as well as spot opportunities for growth.
FAQs about working as a finance business partner
Here, you will find answers to the most frequently asked questions about finance business partners.
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what value does a finance business partner add to companies?
Finance business partners bring a strategic perspective to financial decisions, helping companies align their financial goals with their overall strategy. They also provide valuable insights and recommendations based on in-depth analysis of financial data.
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to whom does a finance business partner report?
In this role, you report to the chief financial officer or chief executive officer. Finance business partners also report to the board of directors and work closely with heads of other departments, such as sales, marketing, operations, and human resources.
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can a finance business partner work for the government?
Yes, a finance business partner could work for the government. In fact, many governments have recognized the value of having finance business partners to help with strategic financial decision-making and ensuring financial sustainability. They may work in various departments, such as finance, budgeting, or economic development.
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what makes a good finance business partner?
Good finance business partners possess a combination of technical expertise and soft skills. They need strong financial knowledge, analytical thinking, problem-solving abilities, and attention to detail. They require excellent communication, collaboration and relationship-building skills to effectively work with other departments and stakeholders.
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how do you build relationships as a finance business partner?
Networking is crucial for the success of a finance business partner. This is how you meet your next employer or business partner. It's helpful to join professional organizations, attend conferences and events, and connect with others in the finance industry via online platforms. Also, be proactive in reaching out to other departments and building relationships by offering your expertise and seeking their input on financial decisions.
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how do I find a job as a finance business partner?
Applying for a finance business partner job is easy: create a Randstad profile and search our finance business partner 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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