A guide to being a Finance Business Partner
Do you know what a finance business partner does? Or how key their role is? In simple terms, they bring financial data to help a range of departments, usually with their organisation. They also advise and analyse to further assist. This blog will explain to you in detail exactly what a finance business partner does to help you decide if it is a career you would like to pursue.
What is it?
These partners analyse financial data for a range of departments and teams. They are key supports and provide expert assistance and recommendations to help the whole business. They need a strong understanding of the business, from needs to its future to be able to assist to the best of their abilities. Finance business partners normally earn up to £95,000 each year, this shows the role’s seniority and importance.
What do they do?
Finance business partners are skilled accountants, with expert analysis and insight skills, able to advise staff on key decisions. This is to help departments perform the best they can, from changing procedures to keeping things the same if it’s working, they will advise on what they think is best. This is done by displaying their data to staff in an easy-to-understand format, for it to be the most effective across the board.
Typically finance business partners have accountancy experience, particularly in the trends of the market key insights, this is essential for helping key decisions.
They are responsible for:
- Reviewing processes to find issues
- Training staff to improve procedures
- Reporting to senior leadership
- Creating procedures to help the budget
- Partnering with others to reach goals
- Creating relationships with a wide range of staff, including senior levels
- Developing processes to make improvements
- Effective communication to all teams
- Analysing data to form insights
How to become one
Finance business partners typically need experience, a lot of it, both as a job and as a degree. In fact, some may even be accredited Chartered Accountants, this is the ideal qualification for this role. You need to be determined and show commitment, it’s a role that you work up to with your foundations being particularly important.
Here’s a simple guide to becoming a finance business partner:
- Get a bachelor's degree in a finance or accountancy field.
- Then a masters in something more specific to show further expertise.
- Become a Chartered Accountant, you will have the specific knowledge a finance business painter needs.
- Get experience, a key part! Entry-level roles are perfect for this, remember everyone has to start somewhere.
There is a wide range of skills that a finance business partner needs, both essential and desirable. From strong analytical skills and great communication to being able to make key decisions when the stake are high, there is a variety that you will need to master to be effective.