what is a finance business partner?
As a finance business partner, you advise the board of directors in an organisation and direct the management on the best strategies to grow the business. A finance business partner is usually an experienced accountant or finance expert who works with managers to track the company's financial performance and propel the business forward. The job involves using forecasting and analysis techniques to create business strategies and guide decision-making processes.
Finance business partners are 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 strategies align with the company's goals.
As a finance business partner, you convey information flawlessly and in an approachable manner. Whether you are addressing the board of directors or company employees, you'll need a mutual understanding with your audience to succeed in your work. You should be comfortable taking calculated risks and working with uncertainty. It is also important to be good at assessing data and translating its value into making decisions and impacting finance and operations.find your job
average finance business partner salary
According to Payscale, the average salary of a finance business partner in India is ₹2,250,000 per year. Early in your career, you have minimal experience and are likely to start with a salary of ₹1,100,000 annually. The most experienced finance business partners earn over ₹3,750,000 per year.
how to increase the salary of a finance business partner
Your earnings as a finance business partner depend on your experience and qualifications. That means you'll likely earn more as you improve your proficiency in various financial accounting skills. When you have additional years of experience, you can use your competency to negotiate higher pay.
The company size also influences your earnings. When you work for a large company, you earn more due to the complexity of your responsibilities. Besides, large organisations have near-unlimited financial resources and can afford to pay finance business partners higher salaries.
types of finance business partners
Some types of finance business partners include:
- junior finance business partners: when you join 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 the directors determine the best expansion techniques.
working as a finance business partner
As a finance business partner, you improve the impact and understanding of financial reporting and use this information to drive financial goals. Let's explore the daily tasks and duties of a finance business partner.
education and skills
Before you become a finance business partner in India, you require educational qualifications and certifications. Obtain a bachelor's in finance, economics or accountancy. Start with a Bachelor of Business Administration or a Bachelor of Commerce in Finance. Aside from completing your bachelor’s, pursue postgraduate qualifications in finance, such as a Master of Business Administration or a Master of Commerce. To enrol in a master’s degree programme, you should pass the requisite entrance exams, like the Xavier Aptitude Test (XAT). You are also expected to be a chartered accountant with certification from the Institute of Chartered Accountants of India (ICAI).
finance business partner skills and competencies
The qualities of a finance business partner include:
- decision-making skills: as a finance business partner, you make crucial decisions concerning the company's growth and expansion strategies. You need decision-making skills, as mistakes can lead to huge losses.
- communication skills: your job is to communicate the company strategy to various stakeholders. You need exceptional communication skills to connect with your audience and convince them.
- 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: you require analytical skills to analyse information correctly. Since you are expected to pay attention to the company's financial performance, your analytical skills will come in handy.
- people skills: you require people skills since you collaborate with various professionals in the company. It is important to be friendly and approachable when interacting with others and explaining the financial performance to stakeholders.
FAQs about working as a finance business partner
Here, you will find the answers to the most frequently asked questions about the profession of a finance business partner.