Senior FP&A Manager: What They Do and How to Become One
Financial planning and analysis (FP&A) is a crucial function in any organization. It involves analyzing financial data, creating budgets, forecasting future financial performance, and providing insights to help senior management make informed decisions. A senior FP&A manager is a high-level professional who oversees this entire process. In this article, we will discuss what senior FP&A managers do, the skills and qualifications required to become one, and the career prospects in this field.
What Does a Senior FP&A Manager Do?
A senior FP&A manager is responsible for managing the entire financial planning and analysis function in an organization. Their primary duties include:
- Developing and maintaining financial models to support business decision-making
- Preparing budgets and forecasts
- Analyzing financial data and providing insights to senior management
- Identifying and monitoring key performance indicators (KPIs) to measure the company's financial performance
- Collaborating with other departments to ensure financial goals are aligned with business objectives
- Managing a team of financial analysts
- Presenting financial reports to senior management and the board of directors
Senior FP&A managers need to have a deep understanding of financial analysis, accounting principles, and business strategy. They must be able to communicate complex financial information in a clear and concise manner to non-financial stakeholders.
How to Become a Senior FP&A Manager
To become a senior FP&A manager, you typically need a bachelor's degree in finance, accounting, or a related field. Some employers may prefer candidates with a master's degree in business administration (MBA) or finance. Additionally, you need to have several years of experience in financial analysis or accounting, preferably in a leadership position.
Senior FP&A managers must possess a range of skills, including:
- Strong analytical and problem-solving skills
- Excellent communication and interpersonal skills
- Ability to work under pressure and meet deadlines
- Leadership and people management skills
- Proficiency in financial analysis tools and software
Professional certifications such as Certified Management Accountant (CMA) or Chartered Financial Analyst (CFA) can also enhance your credentials and increase your chances of landing a senior FP&A manager role.
Career Prospects for Senior FP&A Managers
The demand for senior FP&A managers is expected to grow in the coming years. According to the Bureau of Labor Statistics, employment of financial managers, including FP&A managers, is projected to grow 15 percent from 2019 to 2029, much faster than the average for all occupations.
Senior FP&A managers can find employment in a variety of industries, including finance, healthcare, technology, and manufacturing. They can work in large corporations, small businesses, or consulting firms.
In terms of salary, senior FP&A managers are well-compensated for their skills and expertise. According to Glassdoor, the average base salary for a senior FP&A manager in the United States is $129,000 per year.
Conclusion
A senior FP&A manager is a crucial role in any organization that requires strong financial analysis skills, leadership abilities, and business acumen. To become a senior FP&A manager, you typically need a bachelor's degree in finance or accounting, several years of experience in financial analysis, and strong analytical and communication skills. The career prospects for senior FP&A managers are excellent, with strong demand and attractive salaries.
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