Finance

Operations or Admin Specialist (entry-level): Professionals in this position support advisory teams or serve as members of client service teams. This position is entry-level for new hires in operations or administration. Specific responsibilities can include client service administration, administrative support, executive support, performance reporting and new accounts. Learn More

Customer Relationship Specialist: Work in investing or banking in order to help customers make investment or borrowing decisions. These positions can require pursuing licenses and testing. Learn More

Credit Analyst: Review and report credit history of loan applicants in order to help a bank make lending decisions and set the terms of loans. Learn More

Loan Officer: Market lending products to the community by building relationships and assisting clients through the application and approval process Learn More

Budget Analyst: Prepare forecasts for revenues and expenses based on historical data to create proforma financial statements. Analyze financial reports and assess variances of actual performance to what was budgeted. Learn More

Underwriter: Evaluate the risk involved with taking on the liability for loans, stocks or property and set the terms of the liability agreement. Learn More

Investment Analyst: Determine the best allocation of money for a company, individuals, or group plans working in a number of environments. Learn More

Fraud Analyst: Help a company or a government agency identify financial fraud by identifying patterns in borrowing, investing, lending, or spending. Learn More

Financial Analyst: Assist an institution or company as they aim to make spending or investment decisions that lead to the best possible outcome by forecasting and analyzing information.  Learn More

Portfolio Manager: Responsible for the management of client assets and portfolios as directed by the firm’s Investment Committee and the investment policy statements designed in collaboration with clients. The position also contributes to research and analysis of investment opportunities as requested by the CIO.  Learn More

Senior Portfolio Manager: Implies more experience and expertise. The Senior Portfolio Manager does not generally have people management responsibilities, though the position may be responsible for the training and performance of more junior managers in some firms. Senior Portfolio Managers may also manage more complex portfolios.

Senior Analyst: Performs research and analysis and/or manages investment options. Professionals in this role provide information and make recommendations on managers, advisory service products, investment selections, suitability guidelines and reporting decisions. The Senior Analyst has more experience and performs at a higher level than the Analyst.

Senior Specialist: The Senior Specialist is the higher level of the Operations or Admin Specialist positions (e.g., Senior Client Service Administrator). The “senior” label indicates greater experience and the added responsibility of training other staff.

Director/VP of Operations: The Director or VP of operations lead a team of Operations and Admin Specialists. Common professional titles include Office Manager, Trading Manager, Director of Client Service Administration and Human Resources Manager, among others. The emphasis at this stage shifts from performing individual responsibilities to managing people.  

Chief Financial Officer: This is the highest level of responsibility, with oversight of multiple teams and a significant portion of the operations or administrative functions of the firm. Professional titles include Chief Administrative Officer, Chief Technology Officer, and, most frequently, Chief Operations Officer. Department Leaders are frequently considered for ownership.  

Finance

Finance professionals “are responsible for ensuring that there is adequate funding (capital) for the needs of the situation and that the funds are allocated as optimally as possible.”

(Corporate Finance Institute, 2022)

Accounting

Accountants “are responsible for ensuring that all financial transactions are correctly entered into the general ledger, account balances are correct, and financial statements are accurate.”

(Corporate Finance Institute, 2022)

Finance	Accounting
Management of money	Accounting for the money
Strategic	Tactical / operational
Future focused	Focused on current and past
Gray areas, less precise	Accuracy, exactness necessary
Flexibility in approach	Formal structure, rules
Analytical, insights	Structured, details
Planning and directing	Recording and reporting
Acquiring needed funds	Tracking the funds
Impact on profitability	Analyze, measure profitability
Uses / analyzes financial info and reporting	Creates the financial reporting
Relevant terms: time value of money (TVM, PV, FV), weighted cost of capital, debt-to-equity, cost-benefit analysis (including net present value or NPV), capitalization, leverage, cash flow analysis, borrowing, investing, budgeting, forecasting	Relevant terms: balance sheet, income statement / P&L, cash flow statement, statement of shareholder equity, general ledger, assets, liabilities, debits, credits, accrual, generally accepted accounting principles (GAAP)

Similarities

• Operate in the same sectors and industries (government, corporate, non-profit)
• Need broad, comprehensive knowledge of the industry and specific business or organization
• Work with data and financial information
• Need to understand what the components mean on financial statements
• Ability to identify financial discrepancies
• Focus on regulations and ethics
• Depending on role, they both have internal and external contacts/interactions

Finance professionals can benefit from joining professional associations that provide networking opportunities, educational resources, and support for career development. These professional associations offer a platform for finance professionals to connect with peers, access resources, and stay updated on industry trends. Joining such associations can contribute to professional development, knowledge enhancement, and career advancement in the finance sector. Here is a list of prominent professional associations for finance professionals:

CFA Institute (Chartered Financial Analyst):

• Website: CFA Institute
• Description: The CFA Institute is a global association of investment professionals, offering the Chartered Financial Analyst (CFA) designation.

CIMA (Chartered Institute of Management Accountants):

• Website: CIMA
• Description: CIMA is a professional association for management accountants, providing certification and resources for financial professionals.

CFA Society:

• Website: CFA Society
• Description: Local CFA societies provide networking and professional development opportunities for CFA charterholders and candidates.

Association for Financial Professionals (AFP):

• Website: AFP
• Description: AFP is a professional association for treasury and finance professionals, offering education, certification, and networking.

Financial Planning Association (FPA):

• Website: FPA
• Description: FPA is an organization for financial planning professionals, providing education, advocacy, and networking opportunities.

National Association of Personal Financial Advisors (NAPFA):

• Website: NAPFA
• Description: NAPFA is an association of fee-only financial advisors, promoting high standards of competency and integrity.

Institute of Management Accountants (IMA):

• Website: IMA
• Description: IMA is a global association for management accountants, offering the Certified Management Accountant (CMA) certification.

American Finance Association (AFA):

• Website: AFA
• Description: AFA is an academic association for finance professionals, promoting research and education in finance.

Risk Management Association (RMA):

• Website: RMA
• Description: RMA is an association for risk management professionals in the financial services industry.

International Association for Quantitative Finance (IAQF):

• Website: IAQF
• Description: IAQF is an organization focused on quantitative finance, providing education and networking opportunities.

The CFO Leadership Council (CFOLC)

• Website: CFOLC
• Description: The CFO Leadership Council provides insights needed to overcome any challenge a CFO may face and meaningful connectivity to a dynamic community of peers in a way that is most convenient and beneficial.

Finance professionals can enhance their skills and credentials through various certifications and micro-credentials that are recognized and valued in the industry. When selecting certifications or micro-credentials, consider your career goals, specialization interests, and the specific skills you want to develop. Many of these programs can provide targeted knowledge and skills to enhance your capabilities in the competitive field of finance. Here are some top recommended certifications and micro-credentials for finance professionals:

Certifications:

Chartered Financial Analyst (CFA):

• Offered by the CFA Institute, the CFA designation is widely recognized for investment professionals, covering areas such as ethics, investment tools, and portfolio management.

Certified Public Accountant (CPA):

• The CPA credential is essential for accounting and finance professionals in the United States, demonstrating expertise in accounting and financial reporting.

Certified Management Accountant (CMA):

• Offered by the Institute of Management Accountants (IMA), the CMA certification focuses on management accounting and financial strategy.

Chartered Financial Planner (CFP):

• The CFP certification, awarded by the Certified Financial Planner Board of Standards, is for professionals in financial planning, covering areas like retirement planning and estate planning.

Financial Risk Manager (FRM):

• Administered by the Global Association of Risk Professionals (GARP), the FRM certification is for risk management professionals, focusing on financial risk assessment and management.

Chartered Alternative Investment Analyst (CAIA):

• CAIA is offered by the Chartered Alternative Investment Analyst Association, focusing on alternative investments such as hedge funds and private equity.

Certified Treasury Professional (CTP):

• Administered by the Association for Financial Professionals (AFP), the CTP certification is for treasury and finance professionals, covering cash and treasury management.

Certified Fraud Examiner (CFE):

• Offered by the Association of Certified Fraud Examiners (ACFE), the CFE certification is for professionals specializing in fraud prevention and detection.

Professional Risk Manager (PRM):

• The PRM certification, offered by the Professional Risk Managers’ International Association (PRMIA), focuses on risk management in the financial industry.

Financial Modeling & Valuation Analyst (FMVA):

• Offered by the Corporate Finance Institute (CFI), the FMVA certification covers financial modeling, valuation, and analysis.

Micro-Credentials:

Coursera Financial Markets Specialization (Yale University):

• This specialization covers financial markets, investment strategies, and portfolio management.

edX MicroMasters Program in Accounting (University of Illinois at Urbana-Champaign):

• This program covers key accounting principles and practices.

LinkedIn Learning Finance and Accounting Courses:

• LinkedIn Learning offers various courses covering finance, accounting, and related topics.

Udemy Financial Analyst Course:

• Udemy provides courses on financial analysis, modeling, and other finance-related topics.

CFA Institute Investment Foundations Program:

• Designed as an entry-level program by the CFA Institute, it covers the essentials of investment roles.

Kaplan Financial Education CFP Exam Review:

• Kaplan offers exam preparation courses for the Certified Financial Planner (CFP) designation.

Wall Street Prep Financial Modeling Courses:

• Wall Street Prep provides courses on financial modeling, valuation, and investment banking.

Wharton Online Investment Strategies Program:

• Offered by the Wharton School, this program covers investment strategies and portfolio management.

MIT Sloan Fintech Certificate Program (GetSmarter):

• MIT Sloan offers a Fintech certificate program covering various aspects of financial technology.

Risk Management Association (RMA) Credit Risk Certification:

• RMA offers certifications focused on credit risk for finance professionals.

Finance professionals leverage a variety of software tools and skills to perform their roles efficiently and effectively. Continuous learning, staying updated on industry trends, and adapting to new technologies are essential for finance professionals to excel in their roles. The combination of software proficiency and a diverse skill set enhances the capabilities of finance professionals in a dynamic and evolving field. Here are some recommended software tools and skills for finance professionals:

Software Tools:

Microsoft Excel:

• Skills: Proficient in using Excel for financial modeling, analysis, and data manipulation.
• Purpose: Essential for budgeting, forecasting, financial reporting, and complex calculations.

QuickBooks:

• Skills: Competent in using QuickBooks for bookkeeping, invoicing, and accounting.
• Purpose: Widely used for small business accounting and financial management.

Oracle Financial Services Analytical Applications (OFSAA):

• Skills: Knowledge of OFSAA for risk management, compliance, and financial performance.
• Purpose: Used in banking and financial institutions for comprehensive financial analytics.

SAP ERP:

• Skills: Familiarity with SAP ERP for integrated financial management and reporting.
• Purpose: Used by large enterprises for enterprise resource planning, including finance modules.

Tableau:

• Skills: Proficient in data visualization using Tableau for financial reporting.
• Purpose: Enhances the presentation and interpretation of financial data.

Bloomberg Terminal:

• Skills: Competency in using Bloomberg Terminal for financial market data and analysis.
• Purpose: Critical for professionals in investment management, trading, and financial analysis.

Stata:

• Skills: Proficient in using Stata for statistical analysis and econometrics.
• Purpose: Commonly used in finance research and data analysis.

Power BI:

• Skills: Competent in creating interactive dashboards using Power BI.
• Purpose: Enhances data visualization and reporting capabilities.

SAS (Statistical Analysis System):

• Skills: Knowledge of SAS for data analysis, statistical modeling, and risk management.
• Purpose: Widely used in financial institutions for advanced analytics.

Adaptive Insights:

• Skills: Competency in using Adaptive Insights for financial planning and analysis.
• Purpose: Facilitates budgeting, forecasting, and scenario planning.

Skills:

Financial Modeling:

• Description: The ability to create comprehensive financial models to analyze business performance and make strategic decisions.

Risk Management:

• Description: Understanding and managing financial risks, including credit risk, market risk, and operational risk.

Financial Analysis:

• Description: Analyzing financial statements, ratios, and trends to assess the financial health of an organization.

Accounting Knowledge:

• Description: Solid understanding of accounting principles, including GAAP (Generally Accepted Accounting Principles).

Data Analysis:

• Description: Proficiency in analyzing large datasets to derive meaningful insights and support decision-making.

Regulatory Compliance:

• Description: Knowledge of financial regulations and compliance requirements in relevant industries.

Budgeting and Forecasting:

• Description: Creating and managing budgets, as well as forecasting financial performance.

Financial Reporting:

• Description: Preparation and presentation of financial reports for internal and external stakeholders.

Business Intelligence:

• Description: Using data and analytics tools to gain insights into business operations and performance.

Communication Skills:

• Description: Effectively communicating financial information to non-financial stakeholders.

Negotiation Skills:

• Description: Ability to negotiate financial terms and agreements effectively.

Ethical Decision-Making:

• Description: Adhering to ethical standards in financial decision-making and reporting.