The Job Description of a Finance Specialist
A finance specialist is an expert who evaluates a client's operating data and historical performance and advises on investment decisions. A specialist also ensures that a company's internal controls and policies are functional and adequate, and that they comply with regulatory rules. A finance expert could work for the government, a consulting firm or a private company.
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Responsibilities
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A finance specialist works for a public accounting or consulting firm, a governmental agency or a business entity. This expert helps a client or a company ensure that internal policies are functional and evaluates funding requirements for business operations. A financial accountant prepares and reports accurate and complete financial statements in accordance with generally accepted accounting principles (GAAP), industry practices and regulatory guidelines. An internal or external auditor evaluates an organization's internal procedures or mechanisms and ensures that they comply with company policies and regulatory requirements. A government finance specialist helps prepare and analyze budget reports and recommends adjustments in fiscal revenue forecasts. A finance specialist also could be a tax expert working with a client to file quarterly or annual fiscal returns or recommending tax-saving strategies. A wealth manager---also known as a personal financial adviser or a private banker---evaluates a client's financial history and recommends investment initiatives based on risk profiles and time horizon. A risk manager aids in pricing and tracking risks inherent in a company's financial transactions.
Job Opportunitiies
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Finance specialists have a variety of job opportunities in government, financial services, public accounting, or business advisory and private companies. A finance specialist could become a finance director, a controller or an accounting manager after five years. A finance expert who holds a professional certification---such as a Certified Public Accountant (CPA) or a Chartered Financial Analyst (CFA) designation---has more career growth opportunities.
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Qualitative Requirements
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A finance specialist must have knowledge in capital market activities, investment securities, financial accounting rules, audit standards and fiscal requirements. A specialist may learn more about such topics by taking the Chartered Financial Analyst (CFA) exam.
Education/Training
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A finance specialist typically holds a four-year college degree in finance, accounting or taxation. A risk manager or an accounting senior specialist may hold a higher degree---such as a doctorate or a master's---in economics, mathematical finance or auditing.
Salary
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Salary levels vary by profession, experience and industry. Experienced professionals holding a master's or a doctorate degree or a certification---such as Certified Public Accountant (CPA)---earn more than average finance workers. The U.S. Bureau of Labor Statistics reports that median wages of accountants and auditors in 2008 were $59,430, while finance and tax managers earned $99,330, on average.
Work Hours/Locations
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A finance specialist working in private industry will usually have a regular 8 a.m. to 5 p.m. schedule but may work longer depending on business needs, such as quarter-end regulatory or tax filings. A public accountant's work schedule typically depends on a client's needs and may exceed 40 hours a week.
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References
Resources
- Photo Credit finance image by Chad McDermott from Fotolia.com
