What does a Financial Systems Analyst do?

In the financial services industry, there are many opportunities for a financial system analyst position. In order to determine if this is a suitable position for you, it is important to have a clear understanding of what a financial systems analyst does. This career is typically well compensated, secure, and is available in a wide range of industries. There are three primary aspects to this job that are consistent across all sectors: analysis of current financial system, design new business and system processes, and implementation of system changes.

There is no specific degree or diploma program that provides the training required to become a financial systems analyst. Instead, most people have a combination of education and experience in accounting and computer systems. The level of education required to qualify for this type of position varies by organization, but is typically a four-year degree in accounting, finance, business, or economics.

The experience requirement is a minimum of four to five years of solid finance-related responsibility. This may include working as an accountant, financial officer, or related role. The more senior the role, the better, as you will be able to obtain a greater understanding of the different requirements at the various organizational levels.

The primary role of the financial systems analyst is to analyze the programmed functionality of the computer system. The vast majority of organizations use large accounting or enterprise resource planning (ERP) systems to manage their organization. The driving force behind these systems is primarily the financial module.

Using his or her deep understanding of both the financial system and the business, the financial systems analyst designs new business processes, reviews system changes required by legislative changes, and manages these projects. This role involves a significant amount of communication and interaction with a wide range of people. The implementation of system changes requires an entire cycle of activity.

The first step is to design the business specifications and document the changes and business requirements. Next, the changes are made in a testing or development version of the financial system by a developer. The analyst is responsible for thoroughly testing, documenting, and requesting changes until it is correct. Upon successful review, the changes are implemented into the system. The effective management of this process and activity is essential to managing the integrity of the system.