What’s the first thing that comes to mind when we hear the term, “financial analyst?”
Probably a calculator, thick-rimmed eyeglasses, and somebody being a stick-in-the-mud whenever it’s time to take a budgetary risk.
That’s an incredibly reductionist view, and it’s incorrect.
In any organization, a financial analyst makes investment decisions that provide a layer of financial security. These uniquely skilled individuals worry about those money-oriented facets—such as stocks and bonds.
The ideal financial analyst in the healthcare industry also can predict marketplace trends before they take shape. Beyond that, they can communicate this vital information to leadership and executives.
Here’s a list, where we’ll go more in-depth into the five fundamental skills that all financial analysts must have:
1. Knows the Difference Between Pragmatism and Fear
Being pragmatic is one thing—whereas fear of taking chances would signify that a financial analyst isn’t up to the challenge.
By examining critical financial and performance metrics, our ideal financial analyst will identify ways to make money and boost market shares. While this means they’re willing to take chances, those risks are backed by statistics and not born without a sound thought process.
Thus, your financial analyst should possess the know-how to offer innovative input when asked questions by leadership. This extends to matters beyond accounting, involving elements of marketing, sales, and business development, etc.
2. Sees Beyond the Trivial Details
A high-level financial analyst isn’t overly worried about the minutiae. Namely, they won’t get discouraged because of small losses taken now, if it eventually leads to massive gains.
Financial analysts’ processes should be: work from the top level of operations, down to the very bottom until something clicks, and land upon a solution. Throughout their problem-solving machinations, they should never lose sight of the company’s grander scheme objectives. Sure, they can get a grasp of more intricate details, but the big picture should dictate how it all translates into their work.
3. Have a Finger Firmly on the Healthcare Industry’s Pulse
Technical knowledge isn’t worth much without knowing how it applies to the world around us and how it impacts an organization. A financial analyst worth their salt knows how to keep their ear to the ground so that they’re prepared for external factors (e.g., changes in government rules or competitor operations).
Other issues a highly qualified financial analyst should firmly grasp are shareholder demands and stock analyst predictions.
Reliable analysts know how to prepare, pivot, and adjust based on those shifts in the industry.
4. Engage and Entice With Their Data
“The numbers” can come across as dull and dry—if it’s not presented the right way. A savvy financial analyst can relevantly translate data so that primary decision-makers take away the pivotal information.
More specifically, a financial analyst should be highly skilled in the art of data storytelling.
5. Winning Over Staff
We live in a day and age where only being “good at the job” isn’t enough. Anyone you hire should be a leader with designs of an upward career trajectory (e.g., becoming a CFO). With that said, interpersonal skills should be a top priority. Those kinds of capabilities make themselves apparent throughout most aspects of the job.
For instance, someone lacking in people skills will struggle in communicating and translating the numbers to laymen. They also would fail at motivation – and could cause an array of HR-related issues.
Bonus Tip: Know Where to Find the Top Talent
We’ve offered many characteristics that a financial analyst needs to successfully fill the role in your healthcare organization. Now, it’s the matter of recruiting the top talent possessing those skills.
Why not start with US Tech Solutions? By working with us, you’ll have a partner proven to enhance operational efficiency and increase productivity.