Robert Walters examines just some of the key elements in becoming a finance partner, a key position in driving business forward. We took at what it takes and what you can expect from this rewarding role.
In this role, you are normally based within a division of a large organisation and are looking at ways to drive revenue. You are involved in new initiatives, investment appraisals, investigate the feasibility of new revenue streams and generally offer financial support to commercial decision-makers.
Getting involved: decision making
Becoming a finance business partner can be exciting position, given the exposure you can expect across key business decision. Typically placed within a division or a large organisation, finance business partners are involved in investment appraisals, implementing new initiatives, offering financial consultation to decision-makers and accessing the feasibility of new revenue streams. As a rule, a high amount of your work will be a project related, focusing specifically on business strategy and a client pitches.
The importance of core reporting skills
Although project work is most common, you will still undoubtedly be involved in other activities and there will always be an element of reporting involved in the role. This will vary as per the size and nature of the organisation you’re working under, however this will still be comparatively less than what you would expect if you were financial analyst.
The most successful finance business partners in the market are highly skilled communicators, meaning that they can articulate often the most complex financial concepts to a host of stakeholders, including non-finance people and key decision makers.
Business partnering communication is key
The most successful finance business partners in the market are highly skilled communicators, meaning that they can articulate often the most complex financial concepts to a host of stakeholders, including non-finance people and key decision makers. These communications need to be targeted, and long term in their orientation. Demonstrate this on your CV and you will be well placed in obtaining a position within this area.
Is my experience suitable?
Those considering their move toward this are will need to ensure they increase their level of involvement with relevant projects. This needs to be done whenever and wherever possible to ensure you have a solid understanding of all the elements involved in key business decisions. Make sure you involve yourself highly on a local level and you will be much better placed to make the move.
Excellent career development potential
Given the relative involvement finance business partners have within the business, they can generally expect a wider range of business prospects for the future. Naturally, you may step into a role as a Divisional Finance Director however beyond that can be nothing stopping you becoming a Group Finance Director in the future.
