FinOps Financial Modeling Engineer

Last Updated:
September 19, 2023

Job Description Overview

A FinOps Financial Modeling Engineer job description typically involves working in the Information Technology (IT) industry to reinforce a company's financial performance. Their key role is to build and maintain financial models that assist businesses in making data-driven decisions. These professionals are responsible for analyzing financial data, identifying trends, and creating accurate forecasts to support a company's financial strategy.

The FinOps Financial Modeling Engineer's main tasks include designing financial models, conducting scenario analyses, and producing forecast reports. They also collaborate closely with different teams, such as finance and business intelligence, to improve the company's financial operations and drive its growth. Strong analytical skills, a deep understanding of financial concepts, and experience with data analysis tools are essential for success in this role.

Overall, a FinOps Financial Modeling Engineer job description highlights the need for professionals who can maintain a strong connection between a company's finances and its IT infrastructure. By developing effective financial models, these experts play a crucial role in improving a company's operational efficiency and profitability.

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Job Duties and Responsibilities

  • Create financial models to evaluate and analyze the costs and benefits of IT projects, helping businesses decide if they should invest in them.

  • Combine technical skills with financial knowledge to design models that take into account how IT systems affect a company's overall financial performance.

  • Collaborate with IT and finance teams, as well as other departments, to gather data and understand each project's unique aspects.

  • Use software like Excel or Python to build dynamic and user-friendly financial models that can be easily updated as new information becomes available.

  • Analyze financial risks and potential impacts to a company's budget, profits, or even market position due to IT investments.

  • Present financial analysis results to company executives and managers, using clear language and visuals to explain complex financial concepts.

  • Continuously update financial models as IT projects progress, helping companies make smarter, data-driven decisions throughout the project lifecycle.

  • Identify opportunities to optimize costs and increase efficiency by comparing different technology options and suggesting improvements to existing processes.

  • Stay informed about industry trends and technological advancements to ensure that financial models and analyses are relevant and up-to-date.

  • Contribute to the overall success of a company by providing valuable insight into the financial implications of IT projects, leading to more informed decision-making.

Experience and Education Requirements

To become a FinOps Financial Modeling Engineer, you usually need a bachelor's degree in finance, computer science, or a related field. Strong technical and analytical skills are essential, so courses in programming, statistics, and data analysis are also helpful. Some employers may prefer candidates with a master's degree in finance or business.

Relevant work experience is vital for this role. You may gain experience through internships, co-op programs, or entry-level positions in finance, analytics, or IT. As you advance, showcasing your expertise in financial modeling, software development, and FinOps practices will make you a strong candidate for this job.

Salary Range

The FinOps Financial Modeling Engineer salary range varies based on factors like location, years of experience, and the specific company. In the United States, the average annual salary is around $80,000, with entry-level positions starting around $60,000 and experienced professionals earning up to $100,000 or more. In addition to the US, countries like the UK and Australia also offer competitive salaries for this role. In the UK, the salary range is roughly between £40,000 and £70,000, while in Australia, it's around AUD 70,000 to AUD 120,000. 

Sources:

  1. https://www.glassdoor.com/Salaries/financial-modeling-engineer-salary-SRCH_KO0,25.htm
  2. https://www.payscale.com/research/UK/Job=FinancialModelingAnalyst/Salary
  3. https://www.seek.com.au/financial-modelling-jobs

Career Outlook

The career outlook for FinOps Financial Modeling Engineers in the Information Technology industry is quite promising. Over the next 5 years, the demand for these professionals is expected to grow. This is due to factors like advances in technology, increasing need for data analysis, and businesses seeking better financial planning. As more companies adopt tools that require financial modeling expertise, there will be more opportunities for professionals with FinOps Financial Modeling Engineer skills. Thus, those who pursue this career path can expect good job prospects in the near future.

Sources:

  1. https://www.bls.gov/ooh/computer-and-information-technology/computer-and-information-research-scientists.htm
  2. https://www.prnewswire.com/news-releases/global-financial-modeling-market-2021-2027-significant-industry-trends--information-and-communications-technology-industry--transparency-in-financial-operations-301423388.html

Frequently Asked Questions (FAQ)

Q: What does a FinOps Financial Modeling Engineer do?

A: They create financial models and analyze data to help companies make informed decisions in the IT industry.

Q: Is programming knowledge required for this job?

A: Yes, they need skills in programming languages like Python, R, and SQL for data analysis and model building.

Q: Where do FinOps Financial Modeling Engineers work?

A: They usually work in technology companies, finance departments or consulting firms specializing in IT.

Q: Are they responsible for managing budgets?

A: They focus on financial analysis and modeling, but may assist in budget management and forecasting.

Q: Do they work independently or in a team?

A: They collaborate with cross-functional teams, including finance, IT, and business strategy professionals.


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