CareerCoach
Do you have what it takes to be a finance business partner?
Habiba Khatoon, director at Robert Walters, examines what’s required to be an effective finance business partner, and how you can get there
In the current business and finance landscape, the role of finance business partner (FBP) has developed into a key player in driving organisational success. FBPs aren’t just finance or accounting experts – they are also strategic advisers, relationship brokers, and business specialists.
Consider the points on the right to see if you have what it takes to be a FBP.
You have the relevant educational and professional background
• Obtained a qualification, such as AAT.
• You’ve then taken an entry-level role like financial analyst, junior accountant, or entry-level with a can-do attitude ready to learn.
• Developing strong analytical and quantitative skills along the way through analysing data, identifying trends and making informed decisions based on those insights.
• You’ve begun networking from early in your career and so have built a strong circle of professional contacts and possible mentors by attending industry events
• You’ve moved your way up to management positions like management accountant or finance manager, which has helped you hone your leadership skills.
• In turn, this has also led to you developing strong softer skills in communication, problem solving, collaboration and adaptability.
• You’ve actively sought out roles that allow you to develop business partnering skills – this means taking on positions like business analyst, increasing your exposure to working interdepartmentally.
You’ve mastered the skills, but what specific roles and responsibilities will you take on as a finance business partner?
• Strategic planning – you’ll be collaborating with business leaders to understand and set a plan to meet the strategic goals and objectives of an organisation, while also supplying financial analysis and figures to support the development and execution of other business strategies.
• Financial analysis and reporting – you will analyse financial and operational data to discover trends, patterns as well as identify areas for improvement. You’ll also craft financial models and scenarios to evaluate and forecast the potential impact of business decisions. While also preparing and presenting financial reports to management, highlighting key metrics and trends. Overseeing that accurate and timely financial information is available to assist decision-making.
• Measuring company performance – you’ll establish key performance indicators (KPIs) and metrics to measure business performance, which will be supplemented by regular performance reports and insights to aid the management team assess progress made on key goals.
• Setting budgets and forecasting – you will work with business departments to develop annual budgets and forecasts, monitoring actual performance against those budgets, explaining variances and recommending data-backed corrective actions.
• Interdepartmental collaboration and decision-making support – you must develop strong relationships with the leaders of your business and all of its departments to understand their different needs and challenges. You will then act as a liaison between finance and other business functions, fostering interdepartmental collaboration and offering financial support and guidance on projects, investments and initiatives – while also being a voice on any financial implications associated with them.
You’ve mastered the skills essential to being an FBP
THE TECHNICAL SKILLS
• Financial acumen - you’ve developed a strong understanding of financial principles, accounting and financial analysis.
• Business understanding – your technical know-how is supplemented by an in-depth knowledge of the industry, specific company goals as well as challenges and opportunities facing it.
• Strategic and analytical thinking – not only interpreting financial data and identifying trends but then synthesising this information into meaningful conclusions and recommendations that align to the overall strategy and long-term goals of the organisation is a key skill for FBPs.
• Ethical judgement – finance professionals, including business partners, have to operate with the highest ethical standards, integrity and a commitment to ethical conduct.
• Business partnering – you have experience working with other departments and within the business function, explaining and simplifying key financial concepts and data to influence key decisions.
THE SOFT SKILLS
• Relationship building – building upon your experience in networking and communication, as FBPs act as liaisons between finance and other business functions. The ability to collaborate and work effectively with diverse teams and skillsets is essential to success.
• Excellent communication skills – you are able to breakdown complex finance data and sights and convey this to non-financial stakeholders as well as articulate these insights interdepartmentally in a clear and understandable manner to facilitate collaboration.
• Influencing – FBPs will often be expected to command influence on decisions and gain buy-in from stakeholders — so effective persuasion and negotiation skills are valuable in ensuring that financial recommendations are considered and implemented.
• Other soft skills like problem-solving skills and adaptability – FBP is one of the few financial roles that operates on the basis of effective communication with different departments and stakeholders. So being able to get to the root of any issue with speed and precision is key — as is being able to switch plans or tactics at the very last moment.
Now you’ve had the lowdown on the educational and professional expectations – including the key skills, roles and responsibilities associated with being a FBP – you should feel more confident in your ability to become one. But it isn’t solely a tick-box exercise. To succeed but thrive in the role you need the motivation and ambition to match. Once you’ve got that, there isn’t much standing in your way of taking the next step to CFO or CEO.
Do you have what it takes to be a finance business partner?
Habiba Khatoon, director at Robert Walters, examines what’s required to be an effective finance business partner, and how you can get there
