Financial Analyst

Industry:
Manufacturing
Last Updated:
July 18, 2023

Job Description Overview

As a Financial Analyst in the Manufacturing industry, you play a critical role in analyzing financial data to help management make important decisions. Your job is to evaluate historical and current financial information, and use that data to create financial models and forecasts. Your insights help the company to make strategic investments, manage its cash flow, and improve its profitability.

You work closely with various departments such as the accounting team, purchasing, and logistics to help ensure that business goals are aligned with financial performance. You're responsible for analyzing variances in expenses, identifying revenue and expense trends, and forecasting future financial trends. It's also your job to provide clear and concise reports to help management make informed decisions.

Overall, as a Financial Analyst in the Manufacturing industry, you help ensure the company is financially healthy and thriving. This Financial Analyst job description highlights the critical importance of your diligence, accuracy, and attention to detail to ensure that every strategic decision is based on sound financial analysis.

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Job Duties and Responsibilities

  • Analyze financial information and data to help make informed business decisions
  • Prepare and maintain budgets, forecasts, and financial reports
  • Monitor and analyze key performance indicators (KPIs) to identify trends and opportunities for improvement
  • Collaborate with cross-functional teams to develop and implement strategies to improve financial performance
  • Conduct financial and profitability analysis of new products, projects, or initiatives
  • Assist in the preparation and review of business plans, financial projections, and investment proposals
  • Evaluate and recommend improvements to existing financial systems and processes
  • Participate in audits and internal control assessments to ensure compliance with financial regulations and standards in the manufacturing industry.

Experience and Education Requirements

To get a job as a Financial Analyst in the Manufacturing industry, you usually need a bachelor's degree in finance, accounting, or a related field. Your main job would be to analyze financial data and provide recommendations to management for improving business performance. Experience is also important, and most employers prefer candidates with at least 1-3 years of experience in financial analysis or auditing. You should be proficient in using financial analysis tools and software, and have strong analytical and problem-solving skills. Good communication and interpersonal skills are also important, because you'll be presenting your findings to executives and other stakeholders. Getting a certification such as CPA or CFA can also make you a more competitive candidate.

Salary Range

Financial Analysts in the manufacturing industry can expect a salary range of $50,000 to $120,000 per year in the United States, depending on education, experience, location and the size of the company. Entry-level Financial Analysts can expect a median pay of $64,000, while mid-level and senior-level Financial Analysts can earn $80,000 to $100,000 per year on average. For example, Financial Analysts in Los Angeles, CA have a median salary of $83,662 according to Payscale.com. In the United Kingdom, Financial Analysts in the manufacturing industry have a salary range of £25,000 to £60,000 per year. In Canada, the salary range is between CAD$45,000 and CAD$90,000 per year.

Sources:

  • Payscale.com
  • Glassdoor.com
  • Salary.com

Career Outlook

The career outlook for Financial Analysts in the Manufacturing industry over the next 5 years is optimistic, as the demand for skilled financial professionals is growing. The US Bureau of Labor Statistics projects a 6% increase in employment for financial analysts from 2018 to 2028. This growth is slightly higher than the national average for all occupations. The manufacturing industry is expected to continue creating job opportunities across various sectors, particularly in the fields of food and beverages, transportation equipment, and chemicals. Financial analysts are essential for successful business operations, analyzing financial data to make informed decisions. The industry's preference for data-driven decisions indicates that the role of Financial Analysts is becoming ever more crucial.

Frequently Asked Questions (FAQ)

Q: What does a Financial Analyst do in the Manufacturing industry?

A: A Financial Analyst in the Manufacturing industry analyzes financial information to help company leaders make informed decisions about budgets, investments, and business strategies.

Q: What skills are required for a Financial Analyst in the Manufacturing industry?

A: A Financial Analyst in the Manufacturing industry must have strong analytical skills, good communication skills, be proficient in accounting and financial analysis software, and have knowledge of industry-specific financial metrics.

Q: What is the typical career path for a Financial Analyst in the Manufacturing industry?

A: A typical career path for a Financial Analyst in the Manufacturing industry is to start off as a financial analyst or junior analyst, then progress to a senior financial analyst or supervisor, and eventually move into more leadership positions like director or vice president.

Q: What challenges does a Financial Analyst in the Manufacturing industry face?

A: A Financial Analyst in the Manufacturing industry may face challenges like balancing short-term and long-term financial goals, dealing with market fluctuations, staying up-to-date with changes in regulations and tax laws, and working with cross-functional teams from different departments.

Q: What is the outlook for jobs in Financial Analysis in Manufacturing industry?

A: The outlook for Financial Analyst jobs in the Manufacturing industry is positive, with a projected 11% growth rate over the next decade. Many companies are seeking financial analysts to help them make strategic decisions and improve operations.


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