Financial Reporting Analyst Career Path: Salary, Role and Scope

When asked which career would provide a good salary or remuneration, most people would say finance or data science. Indeed, the US Bureau of Labor Statistics predicts a 36% increase in data science jobs between 2021 and 2031. As a result, if you are looking for a career that offers growth and opportunities, financial reporting analyst is a job profile which is a combination of both. Let us understand more about what exactly this career path entails.

What is a financial reporting analyst?

As the name suggests, a financial reporting analyst is someone who analyzes and puts forth financial reports. They look at financial statements and reports and analyze them in light of the company’s financial well being. You can often see this job at financial analyst companies and banks.

What does a financial reporting analyst do?

Someone with this job is normally responsible for the following tasks:

1. Gathering relevant data and creating financial reports
2. Analyzing financial data and making forecasts
3. Giving investments and financial recommendations to the company and stakeholders
4. Creating market research reports regularly
5. Maintaining relationships with representatives of banks
6. Communicating with clients

What is the scope of a financial reporting analyst?

The scope of a financial reporting analyst’s work is wide-ranging and involves working with a variety of financial data, including budgets, forecast models, and financial ratios. They may also be responsible for monitoring and analyzing market trends in order to inform business decisions. In addition, they are also involved in the development and implementation of financial policies and procedures.

Skills required for a financial reporting analyst?

Some specific skills that may be required for a financial reporting analyst include:

1. Strong understanding of finance and accounting principles: This job needs a solid foundation in finance and accounting principles in order to accurately interpret and analyze financial statements.
2. Data analysis skills: Someone in this job often works with large amounts of financial data, so strong data analysis skills are important. This includes the ability to use spreadsheet software such as Excel to manipulate and analyze data.
3. Excellent communication skills: Financial reporting analysts need to be able to clearly and effectively communicate their findings and recommendations to both technical and non-technical audiences, such as management and shareholders.
4. Attention to detail: It is important to be detail-oriented in order to accurately review and analyze financial statements and reports.
5. Problem-solving skills: They may be called upon to identify areas for improvement or potential risks within a company’s financial performance. Strong problem-solving skills are essential in this role.
6. Time management skills: Financial reporting analysts often work on multiple projects and may have tight deadlines. Good time management skills are essential in order to prioritize tasks and meet deadlines.

What is the salary of a financial reporting analyst?

The salary of a financial reporting analyst can vary depending on a number of factors, including the size of the company, the industry, the location, and the individual’s level of education and experience. According to Salary.com, the average salary for a financial reporting analyst is $77,457 per year, with the top 25% earning an average of $88,650 per year and the bottom 25% earning an average of $67,998 per year.

How to become a financial reporting analyst?

This career path requires a combination of education, experience, and specific skills. Here are some steps you can take to pursue this career path:

Earn a bachelor’s degree

To be hired in this position, most companies require at least a bachelor’s degree in a related field such as finance, accounting, or business. A bachelor’s degree program will provide you with a strong foundation in finance, accounting, economics, and business principles.

Get a master’s degree

While often considered optional, a master’s degree in finance or a related field can be helpful in advancing your career as a finance and reporting analyst. A master’s degree program will provide you with more advanced training in finance and accounting, as well as the opportunity to specialize in a specific area such as financial analysis or corporate finance.

Here is a master’s degree program that will help you in your career path.

Global Master of Science in Finance (Global MS in Finance)

The Global MS in Finance program from the Richard DeVos Graduate School of Management is engineered around the most advanced financial theories, quantitative models, and industry practices. It will prepare you to meet requirements across a broad range of modern career opportunities in finance. Also, participants seeking the CFA (Chartered Financial Analyst) professional designation, will benefit from the Global MSF program curriculum with concepts that may assist with preparing for the exam. This program offers international participants a chance for OPT – Optional Practical Training program upon the completion of their MSF degree.

Develop specific skills

In addition to a strong foundation in finance and accounting, finance and reporting analysts should have strong data analysis skills and be proficient in spreadsheet software such as Excel. It is also important to have excellent communication skills in order to effectively present findings and recommendations to both technical and non-technical audiences.

Gain experience

Many finance and reporting analyst positions require some level of relevant experience. This can be obtained through internships, co-op positions, or entry-level finance or accounting roles.

Obtain professional certifications

While not required, obtaining professional certifications such as the Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA) can be helpful in advancing your career as a finance and reporting analyst. These certifications require passing exams and meeting certain education and experience requirements.

Summary

In conclusion, a career as a financial reporting analyst is a challenging and rewarding path for individuals with a strong background in finance, accounting, and data analysis. Someone in this position, plays a critical role in providing insight into the financial performance of a company and is responsible for analyzing and interpreting financial data in order to inform business decisions. And getting the right education can help you achieve great success in this position.