what is a finance business partner?
As a finance business partner, you advise the board of directors in an organisation and direct the management on the best strategies to grow the business. A finance business partner is usually an accountant or finance expert who works with managers to track the company's financial performance and move the business forward. They use forecasting techniques and analysis to set strategies and guide decision-making in a business.
A finance business partner is crucial in building relationships between the board of directors and employees. You ensure the employees understand company strategies and advise the board on achievable financial goals. Most finance business partners work with a particular business department to ensure its financial strategies align with the company's goals.
As a finance business partner, you should convey information flawlessly and in an approachable manner. Whether you are addressing the board of directors or company employees, you need to have a mutual understanding with your audience to succeed in your line of work. You should be comfortable with taking calculated risks and working with uncertainty. You must also be good at assessing data and translating its value in making decisions and impacting finance and operations.
Would working in finance as a finance business partner suit your financial acumen and critical thinking skills? Then read on to find out what competencies and qualifications you need to thrive in a finance business partner role.
view jobsaverage finance business partner salary
According to ONS, the average salary of a finance business partner is £50,000 per year. Entry-level positions in the role have a starting salary of £42,500 annually, and the amount increases as you gain skills and experience. Top-level professionals in the role take home a compensation package of over £65,411 per year. Finance business partners also earn lucrative bonuses since their roles directly contribute to business growth and success. The compensation package usually includes various benefits and perks associated with the role, such as a company car and expenses allowance.
ways of increasing your salary as a finance business partner
The compensation package of a finance business partner often relies on the company's size and resources. Working for a multinational company with unlimited resources pays more compared to working for medium-sized companies. Large companies also compensate finance business partners based on the complexity of the role. The decision-making process in large companies is long, and business finance partners are responsible for advising the parties involved.
Your qualifications and work experience also influence your earnings. Most finance business partners have master's degrees, but you can find additional certifications to improve your prospects. You also command a higher salary when you have more years of experience.
types of finance business partners
Some types of finance business partners include:
- junior finance business partners: as a junior finance business partner joining the finance team, your job mainly involves data analysis and formulating business strategies. You evaluate the financial performance of the departments you work with and pass the information on to the relevant stakeholders.
- senior finance business partners: as a senior finance business partner, you work alongside the board of directors, advising them on the best course of action for implementing business strategies. You also evaluate investment risks and help the directors determine the best expansion techniques.
working as a finance business partner
As a finance business partner, you improve the impact and understanding of financial reporting and use this information to drive financial goals. Let's explore the daily tasks and duties of a finance business partner.
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finance business partner job description
Some of the tasks of a finance business partner include:
- reviewing commercial performance: as a finance business partner, you review company performance monthly or annually and compare it with set goals. You review financial reports and track the performance of various departments to determine areas of improvement. For instance, you can find ways to improve efficiency in operations if the production costs are high.
- supporting business planning: the central role of a finance business partner is forecasting financial performance and assisting the company with financial planning. You also perform financial analysis and modelling to assist the board of directors in planning the expansion of the business. With a financial forecast for every investment, the company can make sound decisions.
- identifying and measuring key performance indicators: as a finance business partner, you identify the performance indicators of a company and use them to measure success. For instance, you can calculate the return on investment for every expansion idea proposed to help the management find the best opportunities.
- providing finance and business support to operations: as well as advising the board of directors on expansion and company growth, you also work with the operations staff. As a finance business partner, you help the commercial, sales and operations team understand the company's goals. You translate company strategies into actions and measures that employees can incorporate into their daily routines.
- investigating significant budgetary variances: when a department exceeds its budget by a substantial margin, a finance business partner can help them improve the budgeting process. As a finance business partner, you investigate and analyse the financial position of each department monthly. If you find any variances, you must establish the cause and provide financial management strategies to the budget holders.
- analysing the impact of service changes: when a company introduces a new business model or product, you analyse the impact of changes on business performance. You investigate the cost complications and help various departments adjust their budgets to meet changing needs. You also work with senior managers to prepare for changes and meet the company's financial goals.
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work environment
A finance business partner works indoors. The role mainly involves working on the computer and attending meetings. However, some board meetings are conducted outside the business premises, allowing you to work outdoors occasionally. As a finance business partner, your work involves minimal travelling. Sometimes, you also have to attend conferences and industry events. You must visit external sites if the company has offsite manufacturing units. When working for a multinational company, your role may involve international travel. You must ensure that strategies are in line with the expectations of the board of directors for consistent growth in all branches. Your role requires formal wear at all times.
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who are your colleagues?
A finance business partner works alongside accountants, mortgage brokers, finance managers, grant writer positions and sales managers. You might also be working in close proximity to finance analysts and data analysts, as well as other specialists that could include, but not be limited to, product managers, project managers and chief executive officers.
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work schedule
A finance business partner works regular business hours, but their work often extends to evenings and weekends. You work an average of 40 hours weekly, but you should expect to work late sometimes to meet deadlines. You also attend late meetings and company engagements. Finance business partner positions are often full-time, but you can find part-time roles, especially in consultancy firms. A finance business partner can work remotely and attend meetings via teleconferencing. However, most companies don't provide working from home opportunities for finance business partners.
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job outlook
You are only a few steps from executive management positions as a finance business partner. With your qualifications and the value you bring to businesses, you can move to top-level positions like chief financial officer or chief executive officer. Some finance business partners become consultants after many years of experience in the field.
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advantages of finding a finance business partner job through randstad
Finding your finance business partner job through Randstad provides important advantages such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid weekly or monthly, depending on the job
- temporary and permanent contracts
Want a permanent contract? A temporary job as a finance business partner is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too!
education and skills
A finance business partner needs the following qualifications:
- university degree: to become a finance business partner, you need robust financial expertise and technical accounting knowledge. Therefore, the first step is to complete an undergraduate degree in accounting, finance or business administration. You also need postgraduate qualifications to acquire strategic planning skills.
- certifications: as a finance business partner, you must complete certified financial analysts or certified public accountants certifications. They improve your technical expertise in finance and accounting.
- work experience: you should have extensive work experience to land a finance business partner job. You can start with entry-level jobs in finance, such as becoming a financial analyst or an accountant and work your way up to the finance business partner position.
skills and competencies
The qualities of a finance business partner include:
- decision-making skills: finance business partners make crucial decisions concerning the company's growth and expansion strategies. You need decision-making skills, as mistakes can lead to huge losses.
- communication skills: your job is to communicate the company strategy to various stakeholders. You need exceptional communication skills to connect with your audience and convince them.
- leadership skills: as a finance business partner, you need to motivate workers and inspire your colleagues to improve productivity. Leadership skills help you ensure the team is cooperative, calm and supportive.
FAQs
FAQs about working as a finance business partner
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what does a finance business partner do?
A finance business partner is an adviser of the management board and aids in decision-making. They use forecasting and data to back their decisions. They also work with various departments to ensure they align with the company strategy.
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who does a finance business partner report to?
A finance business partner is answerable to the chief financial officer or chief executive officer. They also report to the board of directors.
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how does a finance business partner add value?
A finance business partner helps the company grow and expand by evaluating the strategic goals and helping the organisation achieve them. They also provide investment advice to managers.
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how much does a finance business partner earn?
A finance business partner earns an average annual salary of £50,000, which increases with additional experience and skills.
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how do I apply for a finance business partner vacancy?
Applying for a finance business partner job is easy: create a Randstad profile and search our finance business partner job offers. Then simply send us your CV and cover letter. Need help with your application? Check out all our job search tips here!
