Financial Systems Analyst

Industry:
Public Sector
Last Updated:
September 12, 2023

Job Description Overview

A Financial Systems Analyst job description in the Public Sector industry involves analyzing and improving financial systems and processes. As a Financial Systems Analyst, you will work with various departments and stakeholders to understand their financial needs and develop solutions that meet them. You will provide support and guidance to the organization's financial systems users and ensure that they're efficiently utilizing the systems.

To perform your job, you will need to stay current with industry trends, laws, and regulations that impact the organization's financial systems. You will also be responsible for managing data integrity, ensuring the accuracy of financial records, and creating reports for management.

The ideal candidate for this role should have a strong analytical mind, be detail-oriented and able to work collaboratively with others. You should also have a bachelor's degree in finance, accounting, or a related field and relevant work experience in financial systems analysis.

In summary, a Financial Systems Analyst job description in the Public Sector industry entails analyzing and improving financial systems and processes to meet the organization's financial needs.

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Job Duties and Responsibilities

  • Analyze financial data to identify trends and patterns.
  • Develop and maintain financial systems, databases and reports.
  • Ensure compliance with government regulations and accounting standards.
  • Evaluate and recommend financial technology solutions.
  • Collaborate with other departments to improve financial processes.
  • Provide training and support to users of financial systems.
  • Conduct tests and analysis to ensure accuracy and performance of financial systems.
  • Create and implement policies and procedures for financial systems.
  • Conduct research and provide financial information for decision-making processes.

Experience and Education Requirements

To become a Financial Systems Analyst in the Public Sector, you typically need a college degree in a related field like Accounting, Finance, or Business Administration. Often, employers also look for job candidates who bring relevant experience to the table, such as previous work in financial analysis or systems administration. In the public sector, specific skills like knowledge of government accounting standards, proficiency in computer programming languages, and familiarity with data analysis techniques are especially valuable. Overall, employers seek candidates who are detail-oriented, analytical, and able to communicate effectively with stakeholders across the organization. A combination of education and experience can help candidates stand out in this competitive field.

Salary Range

Looking for financial systems analyst salary range in the public sector? In the United States, the expected salary range for a financial systems analyst in the public sector industry is around $60,000 to $100,000 per year, depending on location and experience. Entry-level salaries tend to be on the lower end of the range, while experienced analysts with advanced degrees can earn more. Some international examples are: In Canada, the average salary for a Financial Systems Analyst is $60,000 to $80,000 CAD per year. In Australia, the salary range is AUD 70,000 to AUD 120,000 per year. Sources: Glassdoor, Payscale, Indeed.

Career Outlook

Financial Systems Analysts play a vital role in the Public Sector industry by managing and analyzing financial data. They are responsible for managing budgets, ensuring financial compliance, and overseeing the implementation of financial systems. According to the Bureau of Labor Statistics, the demand for Financial Systems Analysts is expected to grow by 5% from 2019 to 2029. This is because government agencies at all levels are increasingly relying on technology to improve efficiency and accountability. The need for financial analysts is also growing due to the increasing complexity of financial regulations. In the next five years, there will be ample opportunities for Financial Systems Analysts in the Public Sector industry, with excellent prospects for growth and advancement.

Frequently Asked Questions (FAQ)

Q: What does a Financial Systems Analyst do in the Public Sector?

A: A Financial Systems Analyst is responsible for managing and analyzing financial systems used by the public sector. They gather financial data and create reports to help the government make informed decisions on budgeting and spending.

Q: What qualifications are needed to become a Financial Systems Analyst in the Public Sector?

A: A bachelor's degree in accounting, finance, or a related field is usually required, along with experience in financial analysis, budgeting, and information technology. Strong analytical and problem-solving skills are also important.

Q: What are some of the key software programs used by Financial Systems Analysts in the Public Sector?

A: Financial Systems Analysts use a variety of software programs including Oracle, SAP, Hyperion, and PeopleSoft to manage and analyze financial data. They also use Microsoft Excel for spreadsheet analysis.

Q: How do Financial Systems Analysts in the Public Sector work with other departments?

A: Financial Systems Analysts work closely with other departments within the government to collect and analyze financial data. They also use this data to create reports for upper management to help make informed decisions regarding budgets and spending.

Q: What career opportunities are available for Financial Systems Analysts in the Public Sector?

A: Financial Systems Analysts can advance into management positions, such as Financial Systems Manager, or pursue more specialized roles such as Business Intelligence Analyst or Risk Management Analyst. There are also opportunities to work in different areas of the public sector or in private industry.


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