Today we are going to take a look into another aspect of the financial services and jobs within this industry. Once again we have the brilliant Scott Tominaga with us to break down the job role of a Financial Administrator. This is a very important role within financial services and every bank and financial institution will have someone occupying this position. If you are looking for a position in the industry of finance then this may be a good choice for you, let’s take a look at what the role comprises of.
Naturally the responsibilities will change depending on which firm you are working for and which specific area of the industry you are working in, but generally you will be asked to be proficient in similar tasks regardless of where you work.
Your responsibilities will include the following:
- Creating and updating spreadsheets of daily transactions
- Manage accounts receivable and payable
- Review and process reimbursements
- Prepare budgets for management team
- Maintain reports on financial metrics, including investments, return on assets and growth rates
- Keep records of invoices and tax payments
- Manage company’s liabilities (e.g. insurance premium)
- Identify and address account discrepancies
- Participate in payroll processes
- Report on financial projections (e.g. liquidity and cash flow)
Skills That You Will Need
In order to perform this role you will have to have a history of being a financial administrator and you will also need a good understanding of systems such as Microsoft Excel and Quickbooks. Beyond this you will need to have outstanding organization and book keeping skills because the job is very heavy based on the organization and the filing of vitally important documents. In terms of education you will be required to have a BSc degree in Finance, Accounting or Economics.
Personality wis you will need to be the type of person who is a real stickler for the details, someone who is very analytical and someone who understands the importance of each detail. Beyond this you will need to be someone who respects confidentiality because much of the information which you will be handling and recording will be very sensitive.
In terms of work benefits this will of course vary wildly depending on who you decide to work with and what kind of staff incentive programs they have going on. The average salary for this position is $98,765 but again this is subject to change based on how much experience you have prior to taking this job role.
This is a very fine job to choose and it is a highly important one within the financial services industry. Another great benefit of becoming a financial administrator is that there is often a high demand for people to do this job, and given that every financial institution has this job role it is easy to see why.
Is this a job which you could see yourself doing in the future? Let us know what you think.