怎样成为一名卓越的财务分析师HowtoBeaGreatFinancialAnalystrar

1、How to Be a Great Financial Analyst 怎样成为一名 卓越的 财务分析师 It takes seven key skills and a new way of thinking. 七个关键技能和一种新的思考方式 B Y S T E V E S P 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 analy

2、ses to management. In some companies the CFO, controller, or accounting staff performs this function 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 matt

3、er which way it s doenfefe,ctive financial analysis is really more a way of thinkingthan a series of steps or processes. 每一家公司都有分析其财务数据的雇员，并且通过提供他们对管理的洞察和分析来增强其 决策支持流程。在某些公司 CFO 、主计长或者其他会计部门职员在他们的常规职责之外承 担了这项职能。在其他公司这一流程更为正式，会有财务分析师、成本会计师甚至是整个 部门专门致力于这项职能。无论以何种方式去做，有效的财务分析更多的是一种思考方式 而不是一连串的步骤或程序。Fin

4、ancial professionals who are effective at financial analysis can add value to their companies and excel in their careers. Good analysts identify cost-savings ideas, revenue growth opportunities, and strategies for productivity improvements. Even people who work with financial data but don t do regul

5、ar analysis (general ledger, accountspayable,financial systems staff) can benefit by building an analytic approach into the way they perform their jobs.专长于财务分析的财务专业人士能够增加他们所服务的公司的价值以及在他们的职业 生涯中傲视群伦。优秀的分析师识别出成本节约的主意、收入增长的机会和生产力提高的 战略。即使那些与财务数据打交道但并不做常规分析的人(总账、应付帐款、财务系统员 工)也能够通过在他们完成工作的方式中构建一种分析性的方法而从

6、中受益。People who are great financial analysts exhibit several key qualities qualities westrive to develop in We llPoint, Inc. s Central Region. Billions of dollars in health insurance premiums and medical expenses are realized every year in the Central Region, and it my department sjob to forecast and

7、 analyze this financial data and other statistics. We work with the leadership of the Central Region to help them meet their strategic objectives.卓越的 财务分析师身上体现了几个关键的品质我们努力在 WellPoint, Inc. 的中区所 发展的品质。中区每年实现数以十亿美元的健康保险保费和医疗支出，我的部门的工作就 是预测和分析这一财务数据和其他统计数据。我们与中区的领导层共事以帮助他们完成其 战略目标。First, let s address

8、what it takes to begaood financial analyst. Then we ll discuss what it takes to be a great one.首先，让我们谈谈成为一名 优秀的 财务分析师需要什么。然后我们将讨论成为一名卓越的财务分析师需要什么。GOOD FINANCIAL ANALYSTS优秀的财务分析师The seven qualities of a good financial analyst are listed below. Read through their descriptions and think deeply about wh

9、ether you possess them. Then fill out Table 1 to see where you stand. 一名优秀的财务分析师的七个品质列示在下面。通读它们的描述并深思你是否拥有它们。 然后填写表格 1 以了解你自身的情况。1. Understand the concept of materiality.理解重要性概念Good financial analysts can draw conclusions with incomplete information and have a feel an educated gut feel, perhaps for

10、when information is relevant and when itisn t. Insome cases the information is measurable, like the dollar magnitude of a transaction or the level of a variance percentage to budget. In others it s more intlaiknegikbnleo,wingthe amount of detail to present to an accounting manager vs. the CFO. One o

11、f 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 won t provideenough benefit to continue.优秀的财 务分析师能 够以不 完整的信息 和一种 感觉 一种 经过 训练的 直觉( gut reaction/feeling/instinct informal a reaction or

12、 feeling that you are sure is right, although you cannot give a reason for it )信息何时相关以及何时不相关的感觉来得出结 论。在某些情况下信息是可以衡量的，如一笔交易的金额大小或者预算偏差百分比的水平。 在其他情况下信息更为无形，如当前一名财务经理 vs.CFO 的所知的细节的程度。我的一 名财务分析师把它解释为成本 vs. 收益的概念： 知道什么时候你已经达到了在一个分析上花 更多时间将不会提供足够的收益以继续的程度的概念。Accountants and computer programmers sometimes

13、 have a hard time making thetransition to financial analysis jobs because of their focus on numbers and order. A standard question I ask during a job interview isd“oeWshmatateriality mean to you?”The applicants who tell me it means doing whatever it takes to get something to tie to the penny usually

14、 don t get a second interview.会计人员和计算机编程人员有时在转职为财务分析师时会有一段艰难的时光，因为他 们对数字和顺序的关注。一个我在招聘面试时会问的标准问题是“重要性对你意味着什么？” 告诉我其意味着尽其所能来斤斤计较的应聘者通常不会得到第二次面试。2. Are good at using spreadsheets and databases to analyze information.善于使用电子表格和数据库来分析信息Good financial analysts know how to apply the tools available in sprea

15、dsheets and databases to pull together disparate data, solve problems, and presentinformation tomanagement. Experience with using all of the features of these tools isnt as important asan awareness of them and knowing when to use them,though a strong understanding ofpivot tables and query design wil

16、l go a long way. Further, its importantthtoe knneoewdsand personal style of the individual(s) forwhom the work is being done. Some managersprefer information in a visual format like graphs, while otherslike it all laid out for them indetailed financial tables. Ultimately, its all about turning data

17、into conclusions.优秀的财务分析师知道如何应用电子表格和数据库提供的工具来凝聚不相干 ( disparate formal consisting of things or people that are very different and not related to each other)数据、解决问题以及向管理层演示 信息。全方位的使用这些工具的经验不如知道它们以及 何时使用它们的意识重要，尽管一个对数据透视表和查询设计的牢固理解会很有用。还有， 知道将向其报告工作的个人(们)的需要和个人风格是很重要的。某些管理者更喜欢信息 以一种视觉形式如图形显示，而另一些喜欢下属为他

18、们把所有的信息列示于明细财务表格 中。最终，都是关于把数据转为结论。In my department at WellPoint we developed a Technical Skills Assessment that each analyst uses to assess their level of ability in Microsoft Excel, Microsoft Access, and other tools. These Assessments help me work with my staff to identify opportunities for their d

19、evelopment and also give us a reference tool for locating experts in the features of each tool.在 WellPoint 我的部门开发了一个“技术技能评估”，每一名分析师都用它来评估他们 Microsoft Excel, Microsoft Access 和其他工具的能力水平。这些评估帮助我和我的职员一 起来识别他们的发展机会， 同时也给了我们一个按每种工具的特性来配置专家的参考工具。理解3. Understand management accounting concepts and apply the

20、m to their business. 管理会计概念并学以致用We all learned many valuable concepts in our undergraduate and MBA courses,but mostfinancial analysts don t utilize them fullythienir jobs. Good financial analysts rememberthese concepts and are able to apply them. For example, analystsresponsible fordepartmental budg

21、ets are skilled at usingvariance analyses and activity-based costing(ABC) techniques. Those in capital intensive industries are skilled atapplying return oninvestment and breakeven analyses. And those developing growth strategies will use contribution margin and incremental costing analyses.我们都在本科和

22、MBA 课程中学到了许多有价值的概念， 但是多数财务分析师没有在工作中 完全利用 ( utilize formal to use something for a particular purpose)它们。优秀的财务分析师记得这些概念并且能够应用它们。例如，负责部门预算的分析师长于运用偏差分 析和基于作业的成本( ABC )技能。那些资本密集行业的分析师长于应用投资回报和盈亏 平衡分析。而那些开发增长战略的分析师会运用边际贡献和增量成本分析。Statistical methods are also often untapped, mostly because we tend to forget

23、 them after completing our degrees. Good financial analysts find ways to use statistics to locate patterns in their data.统计方法通常也未被利用，主要地是因为我们倾向于在完成学位之后就忘记它们。优 秀的财务分析师找得到运用统计来定位数据样式的方法。Obviously, a great way to develop these skills is to become a Certified Management Accountant (CMA) and/or Certified

24、 Financial Manager (CFM). Preparing for the exams refreshes your knowledge and lets you practice in areas where you may feel rusty, and earning the actual certification demonstrates your excellence.明显地，发展这些技能的一条康庄大道就是成为一名注册管理会计师(CMA )和/或注册财务管理师( CFM )。考试准备更新了你的知识并且让你在可能荒废的( rusty if youare rusty, yo

25、u are not as good at something as you used to be, because you have not practised it for a long time )领域得到实践，而且还能获取表明你的卓越的实际证书。4. Navigate successfully through their companyfinanciasl systems and informal peoplenetworks to get data and information. 成功穿行于公司的财务系统和非正式人际网络来得 到数据和信息Good financial analysts

26、 know their company s financial systems General Ledger, Sales, Inventory, etc. and the limitations of the data they contain,and they can extract datafrom them for further analysis in spreadsheets and databases.优秀的财务分析师知道其公司的财务系统总账、销售、存货等等以及它们所包含的数 据的限制，而他们能从中剥离数据以在电子表格和数据库中进一步分析。Also, knowing whom t

27、o ask for help or for answers is just as important as the financial systems. Informal people networks don t follow the corporate chain of command, so it may take several calls at first to identify the people who can help, but these networks are very effective once they are established.还有，知道向谁寻求帮助和答案

28、与知道财务系统时一样重要的。非正式人际网络不依 随公司的命令链，所以首先可能要打几个电话以识别能够提供帮助的人，但是这些网络一 旦建立起来就非常有效。It s hard to have both technical skills and people skills since they require very different talents, but each can be developed with awareness, focus, and practice.由于它们需要非常不同的才能，一个人很难同时具备技术技能和人际交往技能，但是 每一种技能都可以通过意识、专注和实践来发展。5.

29、 Possess a solid understanding of their companyproducsts, markets, and processes.对公司的产品、市场和流程有一个扎实的理解Good financial analysts can add value by understanding how their analysesrelate to thebusi ness. Knowing the company s major revenuesources (products, customers), key computer systems, workflow proce

30、sses, and geographic distributionwill provide insightsinto the components of revenue andexpense that should be analyzed. For example, ananalyst who knows that 30% of a company s revenue is generatedby one product willmonitor that product s sales vcelroysely and be in constant contact with the produc

31、tmanager when doing financial projections. 优秀的财务分析师能够通过理解其分析如何与业务有关来增加价值。知道公司的主要收入 来源(产品、顾客) ，关键计算机系统，工作流程和地理分布将提供对于应分析的收入和支 出的组成部分的洞察力。例如，一位知道公司收入的30% 源自一种产品的分析师将非常密切的监控这种产品的销售额并且在做财务预测的时候与产品经理保持不间断的联系。6. Take the initiative to improve in each of these areas and have a continuous-improvement mental

32、ity. 主动在每一个领域中完善并且有一个持续完善的心态 Good financial analysts always look for ways to be more effective in their work and pursue the training that will enhance their abilities, such as learning to use analysis tools more effectively. Good analysts aren t satisfihedcuwrritent improvements and arealways lookin

33、g to enhance themselves and their business, so they seek advice on how to improve existing processes. In my department, for example, a monthly task that once took eight hours to complete manually is now automated and takes only two hours. 优秀的财务分析师总是寻找方法以使工作更高效以及追求会增强他们的能力的培训，例如 学习更高效的运用分析工具。优秀的分析师对当

34、前的完善并不满足并且总是希望增强其自 身和业务，所以他们寻求如何完善现有流程的建议。例如，在我的部门，曾经有一项每月 花费八个小时手工完成的任务现在是自动化了的且只要花费两个小时。7. Include insights and questions when distributing a report or analysis.当分发报告或分析的时候包括洞察和问题Many analysts just want to complete the report, check it off their list, and move on to the next task. Good financial a

35、nalysts will resist this urge. Theywill not only take the time toreview the report for accuracy but to determine what it says about the business.Thenthey pass on any observations and questions tomanagement when they deliver theanalysis. This process works best if they set aside the analysis after it

36、ansdcompletethen revisit it later with a fresh perspective. Goodanalysts consider their work to beanalysis rather than reporting. If you can do only one thing differently, workon this qualitybecause it will make the most impact. 许多分析师就想着完成报告，把它从工作列表上划去，再转到下一个任务。优秀的财务分 析师会抵制这种浮躁。他们不仅将为了精确而花时间复核报告还将确定

37、它到底对业务想说 什么。然后当他们递交分析的时候，他们会将任何的观察和问题传导给管理层。如果他们 把分析留到报告完成然后在稍晚时候以一个新的角度重新审视之后，这个流程就最有效。 优秀的分析师将其工作视为分析而不是报告。如果你只能做一件与众不同的事，就照这个 品质去做因为它将造成最大的影响力。FROM GOOD TO GREAT从优秀到卓越How did you do in Table 1? Are you a good financial analyst? These are skills you should expect from yourself and that any manager

38、 should expect from their staff.表格 1你填得如何？你是一名优秀的财务分析师吗？这些是你应该期许自身以及任何管理 者期许他们的员工所应具备的技能。At WellPoint, our financial analysts are working to become not justgood, but greatfinancial analysts. Several key qualities exhibited by great financial analysts are shown in Table 2, and, as you can see, they a

39、re enhanced versions of the skills good financial analysts possess. As you did with Table 1, read the following descriptions and think deeply about whether you possess the qualities of a great financial analyst. Then fill outTable 2.在 WellPoint ，我们的财务分析师致力于不仅成为 优秀，而且 卓越的财务分析师。某些 卓越的财务分析师所体现的品质列示于表格2

40、，而且正如你所见，它们是优秀的财务分析师所具备技能的增强版本。正如你填写表格1，阅读下列描述并深思你是否具备一名卓越的财务分析师的品质。然后填写表格 2。1. Feel bothered when analyzing issues that arenmaterialt. 当在分析不重要的事项时感到烦扰Great financial analysts understand the importanceand relevance of their work. Theyhave a strong sense of priorities and of what is important to thei

41、r company,which resultsin the emotional reaction of“bfeoethlienrged ” when they are working on issues that arentmaterial. This doesn t mtehaeny neglect someone who needs help researching a smallissue, but, if their instinct tells them they are wasting their time, they talk to the requestor even a su

42、perior about what course of action would be best for the company. 卓越的财务分析师理解其工作的重要和相关。他们对什么对其公司重要和轻重缓急有一种 强烈的感知力， 这也就导致当他们在处理不重要的事项时会有“感觉烦扰”的情感反应。 这并 不意味着他们无视需要在一件小事上帮忙的人，而是，如果其直觉告诉他们正在浪费时间， 他们会和提要求者即使是上级讨论什么样的行动会对公司最有利。2. Take a top-down approach to analysis and investigation. 自上而下地分析和调查 Great fina

43、ncial analysts don t get lost in the detailsbtaurtt from the highest level andwork downward until they experience insights those a-ha! moments. They are always aware of the “ big picture ” reason for their analyses andaabrle to come back to this high level after doing detailed work. They understand

44、their company s mission and objectivesand how their role relates. They also delegate effectively if they are in a manager or team leader position. 卓越的财务分析师不会迷失于细节而是从最高层开始一路往下知道他们经历那些灵光一闪 的时刻。他们总能意识到其分析的整体原因并且在完成细节工作之后能够回到这样高的层 面。他们理解其公司的任务和目标以及他们的角色如何与之相关。如果他们出于经理或者 团队领袖的位置，他们也能有效地授权。3. Think like a

45、n entrepreneur.像企业家一样思考Great financial analysts look at their company s key financial and performancemeasures and think about ways to make more money, grow market share, etc. They are driven by the desire to find opportunities and threats and to locate innovative ways to answer key questions. They a

46、ctively offer their thoughts to key decision makers and enjoydiscussions about the business with management and their peers. People come to them for ideas on how to solve problems, and they are often included on cross-functional teams. 卓越的财务分析师关注其公司的关键财务和业绩指标，并且考虑提升盈利、增加市场份额 等等的方法。他们被找到机会和威胁的渴望以及找到对

47、关键问题的创新回答所驱动。他们 积极地向关键决策者提供他们的思想，并享受与管理层和他们的同僚们讨论业务的乐趣。 人们为了解决问题的主意而来找他们，而他们也时常被纳入跨职能的团队中。4. Understand concept over process. 理解概念重于过程Remember the statement that effective financial analysis is more a way of thinking than a series of steps or processes? Well, all financial professionals have process

48、es like the monthly close process that are part of their work routine. But some don t understand theprocess and follow a set of steps while being oblivious as to whether they make sense.Others understand the process and its intricacies and are able to adjust to any disturbances or disruptions. But t

49、hey still dont understand what evatlhue process addsto their company or how it fits in with other key processes. Great financial analysts understand the true concept of the process and sniff out unnecessary processes to eliminate. They ask questions like“ Cclaonsewtehe books one day sooner if weelim

50、inate this step? ” Or “Does anyone find value in this report that I produce and distribute each month?” Some of tbhieggest opportunities for process improvementoccur when an analyst takes on new responsibilities since they are able to take a step back and apply a fresh look to existing processes. 记得

51、有效的财务分析更多的是一种思考方式而不是一连串的步骤或程序这一表述吗？嗯， 所有的财务专业人士都有程序如每月结账程序那是他们日常工作的一部分。但是某些 人不理解程序并且在当一套预先设定的步骤很明显地是否有意义存疑的时候还盲目跟从。 其他理解程序和其错综复杂 ( intricacy the complicated details of something )的人能 够对干扰和中断做出调整。但是他们仍然不理解程序为企业增加了多少价值或其如何与其 他关键流程相适合。卓越的财务分析师理解程序的真正概念且找出 ( sniff sth out informal to find out or discove

52、r something )和消除非必需的程序。他们问类似“如果我们消 除这个步骤，我们能够快一天结账吗？”或者“有人在我每月编制和分发的这份报告中找到价 值了吗？”的问题。一些最大的程序改善的机会发生于当一名分析师承担新的责任的时候， 而这是由于他们能够退一步并以新的角度观察现有程序。5. Understand how external factors affect their company. 理解外部因素如何影响公司Great financial analysts can anticipate howchanges in the industry or economy will affec

53、ttheir business. They realize the impact of competitor andgovernment actions, and theyunderstand the expectations of shareholders, stock analysts, and rating agencies.Theycreate models and scenarios based on possibleoutcomes of these factors and sharethem with management. 卓越的财务分析师能够展望行业或者经济的变化将如何影响其

54、业务。他们意识到竞争者和 政府行为的冲击，他们也理解股东、股票分析师和评级机构的期望。他们创造基于这些因 素的可能后果的模型和脚本并与管理层共享。6. Constantly seek customer feedback and interaction. 不断寻求顾客反馈和互动 First, great financial analysts understand who their customers are: managers, peers, other departments. They ask them how they can provide better service, someti

55、mes even using questionnaires to collect this feedback. And they seek frequent interaction with their customers to learn more about their needs. Great analysts also poll the people on their distribution lists to find out whether they want to continue receiving the analyses they send to them and whet

56、her they recommend any changes. 首先，卓越的财务分析师理解谁是他们的顾客：管理者、同僚和其他部门。他们询问顾客 如何才能提供更好的服务，有时甚至以问卷形式收集这种反馈。而且他们还寻求与其顾客 的频繁互动以更好的了解他们的需求。卓越的分析师还对其分发列表上的人进行民意调查 以明白他们是否希望继续收到分析师递送的分析以及他们是否建议任何的改变。7. Have the ability to tell the story behind the data.有将数据背后的故事说出来的能力Great financial analysts are truly able to t

57、ake a piece of paper full of numbers and effectively communicate insightful conclusions about the key points within the numbers in a clear, concise manner. If a financial professional wants to be an effective CFO, he or she needs this skill more than any other. 卓越的财务分析师的确能够拿起一张遍布数字的纸片并高效的沟通关于数字中的关键点

58、的 有洞察力的结论用一种明晰而简洁的方式。如果一名财务专业人士希望成为一名高效的 CFO ，相比其他任何技能，他或她更需要这个。In my department, we developed an analyst test to use with potential job candidates.It shows a series of financial results for a fictional insurance company and asks the interviewee to describe what they see happening in the numbers (tell the story).We have found this to be one of the best indicators in determining whether someone is well suited for our department and our team.在我的部门，我们开发了一个分析师测试来用于潜在的职位候选人。它显示了一家虚 拟的保险