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1、April 2005ISTRATEGIC FINANCE41BYST E V ESP I E C H, C M A , C F MEvery company has employees who analyze its financial data and enhance its decision support process by providing their insights and analyses to manage- ment. In some companies the CFO, controller, or accounting staff performs this func
2、tion in addition to their regular responsibilities. In other companies the process is more formal, with financial analysts, cost accountants, and even whole departments dedicated to this function. No matter which way its done, effective financial analysis is really more a way of thinking than a seri
3、es of steps or processes. Financial professionals who are effective at financial analysis can add value to their compa- nies and excel in their careers. Good analysts identify cost-savings ideas, revenue growth opportunities, and strategies for productivity improvements. Even people who work with fi
4、nancial data but dont do regular analysis (general ledger, accounts payable, financial sys- tems staff) can benefit by building an analytic approach into the way they perform their jobs. People who are great financial analysts exhibit several key qualitiesqualities we strive to develop in WellPoint,
5、 Inc.s Central Region. Billions of dollars in health insurance premiums and medical expenses are realized every year in the Central Region, and its my departments job to forecast and analyze this financial data and other statistics. We work with the leader- ship of the Central Region to help them me
6、et their strategic objectives.Career SkillsHow to Be aGreatFinancial Analyst It takes sevenkey skills and anew way ofthinking.First, lets address what it takes to be a good financial analyst. Then well discuss what it takes to be a great one.GOOD FINANCIAL ANALYSTS The seven qualities of a good fina
7、ncial analyst are listed below. Read through their descriptions and think deeply about whether you possess them. Then fill out Table 1 to see where you stand.1. Understand the concept of materiality. Good financial analysts can draw conclusions with incomplete information and have a feelan educated
8、gut feel, perhapsfor when information is relevant and when it isnt. In some cases the information is measurable, like the dollar magnitude of a transaction or the level of a variance percentage to budget. In others its more intangi- ble, like knowing the amount of detail to present to an accounting
9、manager vs. the CFO. One of my financial analysts explained it as the concept of cost vs. benefit: the concept of knowing when you have reached a point where spending more time on an analysis wont provide enough benefit to continue. Accountants and computer programmers sometimes have a hard time mak
10、ing the transition to financial analy- sis jobs because of their focus on numbers and order. A standard question I ask during a job interview is “What does materiality mean to you?”The applicants who tell me it means doing whatever it takes to get something to tie to the penny usually dont get a sec
11、ond interview.2. Are good at using spreadsheets and databases toanalyze information. Good financial analysts know how to apply the tools available in spreadsheets and databases to pull together disparate data, solve problems, and pre- sent information to management. Experience with using all of the
12、features of these tools isnt as important as an awareness of them and knowing when to use them, though a strong understanding of pivot tables and query design will go a long way. Further, its important to know the needs and personal style of the individual(s) for whom the work is being done. Some ma
13、nagers prefer information in a visual format like graphs, while others like it all laid out for them in detailed financial tables. Ultimately, its all about turning data into conclusions. In my department at WellPoint we developed a Techni- cal Skills Assessment that each analyst uses to assess thei
14、r level of ability in Microsoft Excel, Microsoft Access, and other tools. These Assessments help me work with my staff to identify opportunities for their development and also give us a reference tool for locating experts in the features of each tool.3. Understand management accounting concepts anda
15、pply them to their business. We all learned many valu- able concepts in our undergraduate and MBA courses, but most financial analysts dont utilize them fully in their jobs. Good financial analysts remember these con- cepts and are able to apply them. For example, analysts responsible for department
16、al budgets are skilled at using variance analyses and activity-based costing (ABC) tech- niques. Those in capital intensive industries are skilled at applying return on investment and breakeven analyses. And those developing growth strategies will use contribu- tion margin and incremental costing analyses. Statistical methods are also often untapped, mostly because we tend to forget them after completing our degrees. Good financial analysts find ways to use statistics to locate
