Money is an indispensable part of our lives; not a day goes by without us making financial decisions. But even though these decisions are commonplace, they are also extremely delicate, and one wrong choice can have a huge impact leading to losses and an economic downturn.
Financial jobs are an excellent choice for those who want to understand how the world economy works. Although finance is one of the oldest disciplines in the world, it continues to be the most popular and important subject.
In today’s economy, everyone depends on financial principles and people who can guide us through them. From small corporations to schools and supermarket chains, everyone needs financial analysts and is willing to pay top-dollar for experts in the industry.
The recruitment of financial accountants and analysts is expected to rise by 9 per cent between 2021 to 2031, which is slightly faster than the average for all professions. Thus, the best time to consider senior financial reporting accountant jobs is now.
Let us crunch the numbers on what companies look for in a senior financial accountant job description! Read ahead.
What is a Financial Analyst?
A financial analyst is an individual responsible for managing the finances of a company. They advise the stakeholders and executive leaders within the organization on how to set and stick to budgets, where to invest, and how to get maximum ROI.
They perform a variety of financial activities such as budgeting, building financial models, forecasting trends in the economy, conducting financial research and analysis, preparing reports, assisting with financial planning, etc.
However, their responsibilities can vary depending on the type of analyst job and the industry they are hired in. Some financial analysts may work in the security industry analyzing bonds, stocks, and other investments for banks, money management firms, financial institutes, brokerages, hedge funds, etc. These analysts typically specialize in a narrow field of investments such as stocks or bonds.
Large corporations hire other financial analysts and analyze internal business data, producing financial plans, market forecasts, revenue expense projections, etc. They may also provide recommendations for budget improvements and investment decisions the organization’s stakeholders take.
Governmental organizations and non-profit agencies also hire financial analysts in this role.
Senior Financial Accountant Job Description
Most junior financial analysts work under the guidance of a senior financial analyst. They learn the ropes of financial budgeting, forecasting, preparing reports, analyzing investments, etc.
On the other hand, after gaining several years of experience, senior financial analysts move up to become portfolio managers or fund managers supervising a team of analysts.
The opportunities for senior financial reporting accountant jobs are endless. They can also enter a senior management role. In the corporate sector, they can become treasury managers overseeing working teams. After rising through the ranks, they may also become a chief financial officer (CFO) or investment officer (CIO) and make all of the company’s financial decisions.
Financial Accountant Roles and Responsibilities
The roles and responsibilities of a financial accountant include:
- Review an organization’s complex financial accounting processes and systems, and optimize workflow in adherence to accounting principles.
- Review internal controls and data security of the organization’s accounting applications to guarantee conformity with auditing standards.
- Gather data on organization structure, processes, software technology, policies, and procedures.
- Maintain accounting information systems.
- Prepare comprehensive evaluations, proposals, and recommendations for stakeholders, including the executive committee.
- Review the organization’s investments and offer advice on how to improve ROI.
- Analyze financial statements and reports.
- Approve budgets within the organization.
- Create financial projections and build economic models based on those.
- Assist project teams by providing financial and investment guidance.
- Track KPIs and create comprehensive financial reports.
- Assist with financial budgeting and monthly close processes.
- Study and analyze key business drivers.
- Perform research analysis on market trends and economic projections.
- Ensure the organization’s compliance with financial and accounting principles, company policies, and legal regulations.
- Forecast risks and offer creative solutions.
Also Read: Merchant Acquisition Jobs
What are the Skills Mentioned in the Senior Financial Accountant Job Description?
A three or four-year bachelor’s degree is the minimum educational requirement for an entry-level financial analyst. However, employers prefer a master’s degree for advanced and senior positions in the field.
Various undergraduate subjects are accepted by recruiters, including business management, economics, finance, accounting, etc. Candidates with degrees in mathematics, engineering, statistics, etc., can also apply for such jobs. Your senior accountant skills resume can greatly benefit from business coursework in accounting and finance.
An internship during college can increase a person’s chances of securing a full-time financial analyst job in the future. Employers value such internships because industry experience helps them grasp the knowledge better!
Senior financial analysts usually pursue advanced degrees such as a Master’s in Business Administration (MBA) or Chartered Financial Analyst (CFA).
In addition, a senior financial accountant job description has requirements for the following skills:
- Excellent attention to detail and organization
- Robust problem-solving and analytical abilities
- An understanding of financial and accounting terms
- An understanding of financial regulations
- Presentation skills
- Strong leadership and management abilities
- In-depth knowledge of Generally Accepted Accounting Standards (GAAP)
- Thorough knowledge of industry norms for auditing
- Financial modeling skills
- Thorough understanding of database and computer development principles, designs, and procedures, as well as systems analysis techniques
- Comprehensive knowledge of Project management
- Competency in Microsoft Office Suite or comparable programmes
What is the Average Senior Financial Accountant Salary?
Let’s take a look at the average senior financial accountant salary in the Middle East:
- Kingdom of Bahrain: The average salary for a Senior Accountant in Bahrain is 6351 BD yearly.
- Sultanate of Oman: The average financial analyst/accountant salary in Oman is around OMR 500 monthly and can go up to OMR 800 monthly. It is based on the industry, candidate’s profile, and job location.
- Republic of Iraq: Senior financial analysts in Baghdad, Iraq, earn salaries ranging from IQD 1,650,000 to IQD 3,450,000 per month.
- United Arab Emirates: As of 2023, the average salary for a senior financial analyst in Dubai is AED 9000 monthly.
Senior financial reporting accountant jobs are demanding yet lucrative. There are many career paths to choose from and endless opportunities. Therefore, if you are thinking of pursuing this career path, don’t forget to familiarize yourself with the senior financial accountant job description. Keep in touch with trends in the industry to understand what companies want and update your skills accordingly.
To be notified of high-paying and reputed job opportunities in the field, check out 6 Pence. We are a leading staffing and recruitment agency in the Kingdom of Bahrain, the Sultanate of Oman, the Republic of Iraq, and Dubai, United Arab Emirates, and we can help you find a job in your preferred sector.
6 Pence works with top businesses in the region, and we help with international hires and provide necessary training and round-the-clock support to our candidates.
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Frequently Asked Questions
What are the main tasks and responsibilities of a financial analyst?
A financial analyst’s primary responsibility is helping an organization make the most of its budget or finances. Their duties include analyzing business data, providing guidance on how much they should invest in bonds and stocks, creating financial models, preparing reports based on projections, etc.
What are the top skills of financial analysts?
When hiring financial analysts, employers look for people with accounting and financial analysis skills, problem-solving skills, communication skills, critical thinking skills, risk management skills, leadership and management skills, and so on.
What is the highest salary of a junior accountant?
The highest salary for a junior or entry-level accountant in Dubai is 31,367.77 AED per annum.
Where do senior accountants make the most money?
The top-paying industries for accountants and financial analysts are finance and insurance, tax preparation, hedge funds, management of enterprises, and government jobs.