If You Are Aspiring To Be A Finance Business Partner, What Skills Do You Need?

Finance Business Partners are often the bridge between the finance team and the rest of the organisation, whether it’s sales, marketing, HR, Project Management or IT.? There are certain skills required to be an effective Finance Business Partner. In our Ask the FD series we discuss the qualities that FDs look for in a Finance Business Partner.

Financial Expertise: A strong foundation in financial principles, accounting, budgeting, forecasting and financial analysis is essential. Finance Business Partners should be well-versed in financial statements, ratios, and key performance indicators (KPIs).

Analytical Skills: Finance Business Partners should possess excellent analytical abilities, part of the remit is to interpret complex financial data and turn it into actionable insights. Data analysis skills including KPI reporting and proficiency with financial modelling and data visualisation tools are valuable.

Industry Knowledge: Understanding the specific industry in which the organisation is operating is important as it will enable the Finance Business Partner to provide analysis for informed decision making taking into account industry-specific insights.

Strategic Thinking: Finance Business Partners need to think strategically. They should be able to align financial goals and strategies with the overall business objectives and contribute to the development of the company's long-term vision. Finance Business Partner roles are often very commercial and forward looking.

Communication Skills: Effective communication is crucial for a Finance Business Partner. The ability to ?translate financial information into plain language for non-finance colleagues and stakeholders is a key skill in this role. Communication skills also extend to listening and understanding the needs and concerns of other departments.

Interpersonal Skills: Building strong relationships is essential for collaboration. Finance Business Partners should be able to work effectively with colleagues from various departments and levels within the organisation.

Problem-Solving Skills: Finance Business Partners often deal with financial challenges and uncertainties. Strong problem-solving skills are necessary to address issues such as cost overruns, revenue shortfalls or operational inefficiencies.

Project Management: As a Finance Business Partner, you may be involved in various projects, from cost reduction initiatives to financial system implementations. Project management skills are valuable to ensure successful project execution.

In summary, becoming an effective Finance Business Partner requires a blend of technical financial skills, strategic thinking, strong communication and interpersonal abilities. By developing and honing these skills, you can excel in this vital role that bridges the gap between finance and the broader business context.

?Christine Schneider

Senior Recruiter

Accountancy Recruit Ltd

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