FinOps Financial Business Partner

Last Updated:
September 19, 2023

Job Description Overview

A FinOps Financial Business Partner is a critical member of the Information Technology industry, responsible for managing financial operations and acting as a link between the IT department and finance teams. The primary role of this position is to help organizations achieve their financial goals through informed decision-making and strategic planning. The FinOps Financial Business Partner job description includes tasks such as budget planning and analysis, financial forecasting, cost management, and reporting.

Key skills required for this role are strong analytical capabilities, excellent communication, and teamwork abilities. They should also have a deep understanding of financial processes and information technology concepts. In addition, they must be able to effectively interface with both technical and non-technical stakeholders to drive proper resource allocation and ensure value-driven results.

This rewarding career helps businesses navigate the ever-changing IT landscape while remaining financially sustainable and competitive in their market.

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Job Duties and Responsibilities

  • Help manage the company's finances by setting budgets, monitoring spending, and identifying ways to cut costs and save money in the IT department.
  • Work closely with IT leaders and team members to understand and help achieve their business goals, while keeping financial stability in mind.
  • Analyze and interpret financial data and trends to provide valuable insights and recommendations to IT and business leaders.
  • Assist in making important business decisions by providing accurate financial projections and risk assessments.
  • Collaborate with other finance and accounting professionals to ensure company-wide standards, policies, and procedures are followed consistently.
  • Regularly review IT contracts, such as software licensing agreements, to identify potential cost-saving opportunities and make recommendations for improvements.
  • Keep up-to-date with the latest financial technology tools and solutions, making recommendations on how to streamline and improve financial operations within the IT department.
  • Provide financial training and support to IT staff to help them better understand their budget responsibilities and financial impact on the company.
  • Participate in strategic planning processes, such as forecasting and annual budget planning, to ensure financial goals align with the organization's overall objectives.
  • Continuously evaluate and look for ways to enhance the efficiency and effectiveness of the FinOps function within the organization.

Experience and Education Requirements

To become a FinOps Financial Business Partner in the IT industry, you typically need a bachelor's degree in finance, accounting, or a related field. Some positions may require a master's degree or professional certification, like a CPA or CFA, for more advanced roles.

Relevant work experience is important, with most jobs requiring at least three to five years in financial analysis, budgeting, or forecasting. Familiarity with IT business processes and systems is also necessary. Additionally, you should have excellent communication and problem-solving skills, as well as the ability to work well in teams.

Salary Range

The FinOps Financial Business Partner salary range in the United States is quite attractive in the information technology industry. On average, professionals in this field can expect to earn between $95,000 to $150,000 per year, with the potential for additional bonuses and benefits. This varies depending on factors like location, company size, and individual experience. In comparison, FinOps Financial Business Partners in the United Kingdom typically earn between £50,000 to £80,000 annually, while those in Australia see average salaries ranging from AUD 100,000 to AUD 160,000. Overall, this lucrative career offers competitive compensation, making it a desirable choice for many professionals.

Sources:

  1. https://www.payscale.com/research/US/Job=FinanceBusinessPartner/Salary
  2. https://www.robertwalters.co.uk/salarysurvey.html
  3. https://www.michaelpage.com.au/sites/michaelpage.com.au/files/SalaryandEmploymentForecast2020.pdf

Career Outlook

The career outlook for a FinOps Financial Business Partner in the IT industry looks bright. Over the next five years, growth is expected. The reason is companies need help managing their finances. As the IT sector grows, so does the demand for FinOps professionals. They play an important role in helping businesses make better financial decisions. The skills they offer, like budgeting and planning, are essential for success. Overall, this career path is a good choice for those interested in finance and technology. It offers growth, opportunity, and a promising future.

Sources:

  1. https://www.comptia.org/blog/top-job-titles-it-sector
  2. https://www.bls.gov/ooh/business-and-financial/home.htm

Frequently Asked Questions (FAQ)

Q: What does a FinOps Financial Business Partner do?

A: They provide financial guidance, insights, and budget management to IT departments to help control costs, improve efficiency, and support decision-making.

Q: Why are FinOps Financial Business Partners important?

A: They ensure that IT projects and operations stay within budget and contribute to overall company growth and profitability.

Q: What skills do FinOps Financial Business Partners need?

A: They need financial analysis, budget planning, communication, and technical understanding of IT infrastructure and projects.

Q: How do FinOps Financial Business Partners help IT teams?

A: They assist with cost management, making financial projections, and evaluating the financial impact of IT investments and initiatives.

Q: Are FinOps Financial Business Partners only for large IT companies?

A: No, they can support businesses of any size, helping them strategically manage IT resources and make financially sound decisions.


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