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What is a Data Analyst Finance?
Data Analysts Finance have the task of analyzing incoming data with regard to their relevance for the financial situation of a company and to contribute to the management decision-making process by summarizing, presenting, interpreting, forecasting and reporting.
They can take on this role as part of a managed services team – then they are part of an external services team that provides various finance services for a company. Just as often, data analysts finance are an integral part of the finance department and through their work ensure that the financially relevant data is processed and made available to the management in a compact form as promptly available information for decision-making.
The most important things in 5 seconds
- Education: Studies in economics with a focus on finance, controlling and computer science or computer science/mathematics studies with an economic orientation and around two years of professional experience in a (consulting) company with a highly developed BI
- Starting salary: €41,000
- Top salary: €100,000
- Opportunities for advancement: BI team leader, higher staff functions
What data does a finance data analyst use?
“Incidental data with financial relevance” – this ultimately includes everything that has to do with cash flows and that has an impact on the financial situation of a company. Since all major companies today work with business intelligence, data analysts finance logically have to deal with data from all or for all departments. Undoubtedly, the management of an online sender that focuses on end customers has different information priorities than, for example, a company that sells “fast moving consumer goods” (FMCG) through classic trade or even manufactures capital goods; nevertheless, in almost all companies today, data is recorded to such an extent that the evaluation can only be carried out in a highly professional manner by specialists trained for this purpose.
Use the now to plan for the future
If the amount of data exceeds the capacity to comprehend, it must be adequately compressed. This applies all the more when the »findings« of today are to be used to draw the »conclusions« for tomorrow. Data Analysts Finance are neither seers nor prophets, but rationally thinking, number-affine and analysis-trained specialists who have a holistic understanding of finance and economic relationships. They recognize the future-relevant changes and structures in vast amounts of data and use their findings again and again to refine their »instruments«. You also have a solid understanding of the nature and content of the process flows in the various areas of the company and have a feeling for pragmatic solutions.
The continuous control of the business intelligence is an essential part of their work, because the quality of the BI is their decisive planning basis, so to speak the solid ground from which they act. Just as important, however, is their constant search to continuously optimize “their” system through modeling and simulations – it is therefore not surprising that Data Analysts Finance are particularly interested in all developments including artificial intelligence (AI).
Location-independent in the future?
Data availability is now independent of location. This has meant that Data Analysts Finance can also do many tasks from their home office and/or from any national and international office of their employer. It is not yet clear how this will affect the job description, but it will certainly strengthen and facilitate cooperation and communication in the national and international environment.
What does a Data Analyst Finance do?
- Creation of data analyzes and summaries of financially relevant data from different departments (target/actual comparisons, KPI)
- Creation of budget forecasts and planning bases
- Advising and supporting the departments in data collection and the creation of regular and ad hoc analyzes for management
- Improving the content and significance of the data collected for the various areas of the company
- Improvement of the survey methods and the visualization of the results
- Creating presentations for stakeholders and for the public
- Derivation of development proposals to improve processes and procedures
- Ongoing monitoring and improvement of tools / further development of BI / simulation and modeling of new tools
How to become a Data Analyst Finance?
- Economics degree with a focus on finance, controlling and computer science or computer science/mathematics degree with an economic orientation
- Ideally around two years of professional experience in a (consulting) company with highly developed BI
What does a Data Analyst Finance earn?
up to €100,000
Data Analysts Finance are in demand, they can come close to an annual salary of around €100,000 with 2 years of professional experience and the appropriate qualifications. The starting salaries are around €41,000, the average salaries around €50,000. However, salaries vary greatly depending on the industry and location.
What do you expect from the Data Analyst Finance?
- Profound knowledge of finance and accounting
- Understanding of economic and technical relationships
- High affinity for numbers, IT and BI
- Structured independent thinking and strong analysis and visualization skills
- Visionary imagination of the feasible
- Safe handling of MS Office (Excel, Teams and SharePoint) and if possible SAP FI/CO
- Safe handling of visualization software (e.g. Tableau or Power BI)
- Team motivator and player, possibly also online
- Self-confidence in discussions and presentations, both internally and with stakeholders
Opportunities for advancement as Data Analyst Finance
BI, Big Data, AI – there will be more and more to do for Data Analysts Finance in the future, because the need for analysis is growing at the same rate as the rapid development in these fields.
The positions of Data Analysts Finance are usually staff positions; because of their pronounced specialization, they are more likely to rise to higher staff positions in companies; they are less common in operational business.
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