FinOps Financial Data Analyst

Last Updated:
September 19, 2023

Job Description Overview

A FinOps Financial Data Analyst job description entails analyzing complex financial data to help businesses make well-informed decisions. This professional plays a crucial role in the Information Technology industry and is responsible for evaluating financial performance and forecasting future trends. Their daily tasks involve collecting data from various sources, examining patterns, and making valuable recommendations to optimize a company's financial operations.

A FinOps Financial Data Analyst must possess strong analytical and mathematical skills, as well as the ability to communicate effectively with their team members. They must also be proficient in using advanced software programs and tools to process and analyze data. Their expertise aids in creating strategic financial plans that improve the overall efficiency and profitability of an organization.

For those passionate about numbers and technology, pursuing a career as a FinOps Financial Data Analyst can prove to be an exciting and rewarding journey.

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Job Duties and Responsibilities

  • Collect and analyze financial data from various sources, such as company databases, spreadsheets, and financial reports.

  • Provide accurate and timely financial information to help management make well-informed decisions for the company's growth and financial stability.

  • Identify trends, compare financial performance across different departments or businesses, and assess the potential risks and opportunities of financial decisions.

  • Create and maintain financial models, forecasts, and reports to support the company's strategic planning and decision-making processes.

  • Collaborate with different teams, such as finance, operations, and IT to gather data, resolve issues, and streamline processes for better efficiency.

  • Monitor and evaluate data accuracy, ensuring data quality and compliance with relevant financial policies and regulations.

  • Assist in the development and improvement of financial systems, tools, and processes for better data management and reporting.

  • Perform ad-hoc analysis and reporting tasks, as needed, to support the company's financial and operational goals.

  • Continuously learn about industry trends, financial technology advancements, and best practices in financial data analysis to ensure the company stays competitive and performs at its best.

Experience and Education Requirements

A FinOps Financial Data Analyst usually needs a bachelor's degree in a field like finance, accounting, business, or information technology. It's helpful to have courses in subjects like statistics, data analysis, and computer programming. A background in finance or accounting can give a good understanding of financial concepts.

Work experience in finance, IT, or data analysis is helpful, too. This can be from internships, part-time jobs, or full-time positions. As a FinOps Analyst, you'll need strong skills in data analysis software or programming languages, such as Excel, SQL, or Python. Good communication and teamwork skills are also important, as you'll work closely with team members and clients.

Salary Range

The FinOps Financial Data Analyst salary range varies depending on factors such as location and experience level. In the United States, these professionals can expect to make between $60,000 and $90,000 annually. Entry-level positions typically start at the lower end of this range, while experienced analysts tend to command higher salaries. In other countries, such as the United Kingdom, the salary range for this role is £35,000 to £60,000. It's essential to research specific locations and consider local living costs when evaluating these salary figures.

Sources:

  1. https://www.glassdoor.com/Salaries/financial-data-analyst-salary-SRCH_KO0,21.htm
  2. https://www.payscale.com/research/UK/Job=Data_Analyst/Salary

Career Outlook

The career outlook for a FinOps Financial Data Analyst in the IT industry looks promising over the next 5 years. This job role is expected to grow as more companies need help managing their financial operations. As technology advances and businesses rely more on data-driven decisions, the demand for skilled data analysts will increase. These professionals will play a crucial role in helping organizations optimize their finances and achieve their goals. Overall, a FinOps Financial Data Analyst can expect a bright future with plenty of job opportunities and growth potential in the coming years.

Sources:

  1. https://www.mckinsey.com/industries/financial-services/our-insights/the-transformative-power-of-automation-in-banking
  2. https://www.bls.gov/ooh/computer-and-information-technology/home.htm

Frequently Asked Questions (FAQ)

Q: What does a FinOps Financial Data Analyst do?

A: They analyze financial data to help businesses make better decisions, find ways to reduce costs, and improve financial processes in IT environments.

Q: What skills are needed for this job?

A: Strong analytical, numerical, and problem-solving skills, experience in data analysis software, and knowledge of finance and IT.

Q: Is a degree required for this position?

A: Yes, typically a bachelor's degree in finance, accounting, or a related field is required.

Q: Does this job involve working with others?

A: Yes, they collaborate with finance and IT teams, presenting findings and recommending solutions.

Q: Can a FinOps Financial Data Analyst work remotely?

A: Yes, many companies offer remote work options for this position, but requirements may vary.


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