A finance specialist helps to monitor an organization’s fiscal health, and they can work in a variety of industries and job categories. Money management is one of the foundational responsibilities of nearly every organization; corporations use it to earn profits for shareholders, and governmental agencies employ it to optimize tax payer funded budgets. Finance specialists are organizations’ primary money managers, and they record and report financial transactions, perform cost analyses, build pricing strategies and develop spend plans. In short, these financial professionals, who hold numerous job titles, apply industry standard financial principles and theories to complex financial issues. Here are some examples of job categories within specific industries that employ financial specialists.
Cost Engineering in the Oil and Gas Energy Sector
Because the domestic market did not embrace the development of alternative energy resources early, oil and gas remains an essential part of the infrastructure within the United States (U.S.) and oil prices set the economic tone for other industries like transportation and automotive manufacturing. Cost engineers in the oil and gas industry determine the cost of extracting oil that includes facility construction, equipment, taxes and other performance and environmental specifications. They conduct analyses of operating budgets, overhead expenses, break even points and payback periods. U.S. oil and gas companies in Texas, North Dakota and Oklahoma are in full swing extracting and refining crude oil from those states’ rich reserves, and jobs appear to be plentiful in those areas.
Many successful financial specialists in cost engineering have degrees in finance, business administration or economics; they also gain industry certifications like Certified Cost Technician or Certified Cost Engineer. Ironically, U.S. oil and gas companies with the help of their cost engineers have been so successful in lowering the cost to produce oil domestically and increasing oil supplies that there has been a surplus of the energy product on the world market. Subsequently, oil prices have dropped to dramatically low levels which means less profits for these companies. Higher level financial specialists assist oil and gas company decision makers about balancing capacity, supply and demand issues.
Procurement Manager in the Construction Industry
Financial specialists who work as procurement agents in the construction industry use both quantitative and interpersonal skills to make sure that construction projects have the needed materials for successful and timely deliveries. A key function of the job is contract negotiations with vendors, and these financial professionals must thoroughly understand pricing methods to assess competitive bidding and purchasing activities for construction projects. While experience often trumps academic credentials in this job category, financial specialists who want to gain more job opportunities often consider earning certifications like the Certified Public Procurement Officer that is administered by the Universal Public Procurement Certification Council.
Demand Planning Analyst in Manufacturing
Supply and demand issues weigh heavily on companies as well as the markets in which they participate. For example, having too much inventory incurs extra storage costs for manufacturing companies and too little inventory of non-specialty items leads to losses in sales. Financial specialists are needed to predict demand for both raw materials and finished goods within the manufacturing sector. These financial experts use knowledge of statistics, financial models and enterprise resource planning tools to achieve the delicate balance between supply and demand in order to maximize profits for their organizations. In addition to a degree in finance or economics, a financial specialist may consider getting a Six Sigma Black Belt certification for this job.
Related Resource:International Jobs in Finance
Conclusion
A specialist in finance can find a number of job opportunities available to them because the skills that they have cultivated through education, specialized training and experience are completely transferable. A finance specialist who wants to gain entry into the described job categories should also consider joining professional associations to build up their network.
