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 jobs
average 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.
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 about working as a finance business partner