what is a finance business partner?
As a finance business partner, you advise the board of directors in an organisation 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. You use forecasting techniques and analysis to set strategies and guide decision-making in a business.
As a finance business partner, your role is crucial in building relationships between the board of directors and employees. You ensure 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 strategy aligns with the company's goals.
As a finance business partner, it is crucial to convey information clearly and in an approachable manner. Whether addressing the board of directors or company employees, you must foster mutual understanding with your audience to succeed. It would help if you were comfortable taking calculated risks and working with uncertainty. The role requires you to be good at evaluating data and applying it to decision-making that impacts finance and operations.view vacancies
finance business partner salary
The average remuneration package of a finance business partner is $125,000 per year. Entry-level finance business partners usually have minimal experience and earn as low as $115,000 annually. When you are experienced in the role, you are remunerated well due to your positive impact on companies and proven track record. Top-level finance business partners have a salary of $135,000 yearly.
how to increase your salary as a finance business partner
Your remuneration as a finance business partner depends on your qualifications and work experience. When you have a degree, you earn slightly less than a finance business partner with a master's or other postgraduate qualification. Your expertise also improves your remuneration prospects since employers are willing to pay higher for your expert opinion.
The company you work for also determines your earnings. For instance, multinational companies can afford to pay more due to their extensive resources. The complexity of the role also improves your salary prospects. Working for a small or medium-sized start-up will likely pay less due to their limited resources.
Want to know what you will earn as a finance business partner? Check out what you are worth with our salary checker.
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 employers determine the best expansion techniques
working as a finance business partner
Working as a finance business partner is an exciting career if you enjoy analysing business models and solving problems. Check out the duties, responsibilities and work environments of finance business partners.
education and skills
You require the following educational qualifications to become a finance business partner:
- complete an undergraduate degree: since you require financial qualifications, complete an undergraduate degree in commerce, accounting and finance. The bachelor's degree takes three years full-time. To join the undergraduate programme, you must have completed a satisfactory ATAR.
- become a chartered accountant: to become a finance business partner, you should be a chartered accountant or a chartered practising accountant. Complete the necessary exams to become a chartered accountant.
- gain work experience: you require extensive work experience to become a finance business partner. You can find entry-level finance roles to help you develop knowledge of your preferred industry.
finance business partner skills and competencies
The qualities of a finance business partner include the following:
- decision-making skills: finance business partners make crucial decisions concerning the company's growth and expansion strategies. You need sound decision-making skills, as mistakes can lead to substantial financial losses. Since you have valuable experience in finance, you use your knowledge to help business leaders make decisions that advance the company.
- communication skills: your job is communicating the company strategy to various stakeholders. You require exceptional communication skills to connect with your audience and convince them. Excellent presentation skills are valuable since you convey your findings to multiple departments.
- leadership skills: as a finance business partner, you motivate workers and inspire your colleagues to improve productivity. Leadership skills help you ensure the team is cooperative, calm and supportive.
- analytical skills: as a finance business partner, you gather data from various departments and interpret it to guide business decisions. You require analytical skills to evaluate information and identify promising business trends
FAQs about working as a finance business partner
Here, you will find the answers to the most frequently asked questions about the profession of finance business partner.