FinOps Financial Planning Analyst

Last Updated:
September 19, 2023

Job Description Overview

A FinOps Financial Planning Analyst job description includes a range of tasks to help optimize finances within the Information Technology (IT) sector. In this role, they analyze financial data, create budgets, and develop plans to support company growth. They work closely with IT management to provide financial guidance and make data-driven decisions.

Key duties of a FinOps Financial Planning Analyst include forecasting revenue, monitoring costs, and analyzing variances. This professional must be skilled in identifying trends and implementing cost-saving measures, which ultimately increase efficiency and profit margins.

To excel in this position, a FinOps Financial Planning Analyst must possess strong analytical and communication skills. A background in finance, IT, or a related field is typically required, as well as proficiency in financial software.

Overall, a FinOps Financial Planning Analyst plays a critical role in the IT industry, ensuring financial stability and growth for their organization through their diligent management of resources and keen financial expertise.

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Job Duties and Responsibilities

  • Analyzing financial data to spot trends, identify problems, and suggest improvements
  • Preparing budgets and financial forecasts by analyzing past performance and future growth potential
  • Developing and maintaining financial models to help guide decision-making
  • Tracking and monitoring progress towards financial goals, ensuring the company stays on target
  • Evaluating the financial impact of new projects or initiatives, such as product launches, investments, or strategic partnerships
  • Collaborating with both technical and non-technical team members to gather data and input for financial analysis
  • Providing regular financial reports to management and stakeholders, explaining key findings and recommendations
  • Assisting with audits, financial statement reviews, and other compliance activities to ensure the company adheres to industry regulations
  • Continuously reviewing and updating financial processes, tools, and systems to improve efficiency and accuracy
  • Participating in ongoing professional development to stay current on financial best practices and industry trends

Experience and Education Requirements

To get a job as a FinOps Financial Planning Analyst in the IT industry, one typically needs a bachelor's degree in finance, accounting, or a related field. Some companies may prefer a master's degree or an MBA. Hands-on experience in financial analysis or planning is also important, and can be gained through internships or entry-level jobs. Knowledge of financial software, reporting tools, and IT systems is essential. Certifications, such as CFA or CFP, can help in showcasing expertise. Good communication skills and problem-solving abilities are also necessary to work well in this position.

Salary Range

The FinOps Financial Planning Analyst salary range in the United States is typically between $60,000 and $90,000, with the average being around $72,000 per year. This salary can vary depending on factors such as location, company size, and experience level. For instance, major cities like New York and San Francisco may offer higher salaries compared to smaller cities. In other countries, FinOps Financial Planning Analysts in the United Kingdom can expect to earn an average of £40,000 annually, while in Canada, they may earn around CAD$65,000 per year on average.

Sources:

  1. https://www.payscale.com/research/US/Job=Financial_Analyst/Salary
  2. https://www.glassdoor.co.uk/Salaries/financial-analyst-salary-SRCH_KO0,17.htm
  3. https://ca.indeed.com/salaries/financial-analyst-Salaries

Career Outlook

The future looks bright for FinOps Financial Planning Analysts in the IT industry. Over the next 5 years, this career is expected to grow significantly. Companies increasingly rely on technology, making FinOps experts highly valuable. They help businesses manage their finances better by using data, tools, and software. As data analytics and artificial intelligence keep advancing, FinOps analysts will be even more important. People in this field can expect excellent job prospects, with many exciting opportunities. Having a background in IT and finance will be a powerful combination for a successful career.

Sources:

  1. https://builtin.com/finops/finops-role
  2. https://www.iteanz.com/the-future-is-bright-for-financial-operations-professionals/

Frequently Asked Questions (FAQ)

Q: What does a FinOps Financial Planning Analyst do?

A: They analyze financial data, budgets, and expenses to help IT companies create cost-effective strategies and allocate resources efficiently.

Q: How do FinOps Analysts support IT companies?

A: They identify spending trends, provide budget forecasts, and give recommendations for better financial management and performance.

Q: What skills are required for this job?

A: Strong analytical, problem-solving, and communication skills are needed, along with knowledge of financial tools, software, and IT industry trends.

Q: Do FinOps Analysts need formal education qualifications?

A: Yes, they typically require a bachelor's degree in finance, accounting, or a related field, and sometimes certification like CFA or CPA.

Q: Is experience in the IT industry necessary?

A: It's beneficial to have experience or understanding of the IT industry, but general financial analysis skills can be applied across industries.


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