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Climbing the ladder 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. But FBPs are not just finance or accounting experts, they are also strategic advisers, relationship brokers and business specialists.
Consider these points to see if you have what it takes to be an FBP.
Relevant educational and professional background
- Obtain a qualification, such as AAT.
- Take an entry-level role such as financial analyst or junior accountant, have a can-do attitude and be ready to learn.
- Develop strong analytical and quantitative skills along the way through analysing data, identifying trends and making informed decisions based on those insights.
- Network from early in your career, building a strong circle of professional contacts and possible mentors by attending industry events.
- Move your way up to positions such as management accountant or finance manager to help hone your leadership skills.
- Develop strong softer skills along the way in communication, problem solving, collaboration and adaptability.
- Actively seek out roles that allow you to develop business partnering skills. This means taking on positions such as business analyst, increasing your exposure to working interdepartmentally.
Roles and responsibilities
Essential skills
TECHNICAL SKILLS
- Financial acumen – you have 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 and 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 judgment – 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.
SOFT SKILLS
- Relationship building – building upon your experience in networking and communication, 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 can break down complex finance data 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 influence decisions and gain buy-in from stakeholders, so effective persuasion and negotiation skills are valuable in ensuring that recommendations are considered and implemented.
- Problem-solving and adaptability – FBP is one of the few financial roles that operates on the basis of effective communication with different departments and stakeholders. Therefore, being able to get to the root of any issue with speed and precision is key, as is the ability to switch plans or tactics at the very last moment.
Making it as an FBP is not solely a tick-box exercise of the skills and experience listed above. To not only succeed but thrive in the role you need the motivation and ambition to match. Once you have that, there is not much standing in your way of taking the next step to CFO or CEO.
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Climbing the ladder 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
