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

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 analyses 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 matter which way its done, effective financial analysis is really more a way of thinking than 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。Financial 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 dont do regular analysis (general ledger, accounts payable, 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中受益。People who are great financial analysts exhibit several key qualitiesqualities we strive to develop in WellPoint, Inc.s Central Region. Billions of dollars in health insurance premiums and medical expenses are realized every year in the Central Region, and its my departments job to forecast and 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, lets address what it takes to be a good financial analyst. Then well 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 whether 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 feelan educated gut feel, perhapsfor when information is relevant and when it isnt. In some cases the information is measurable, like the dollar magnitude of a transaction or the level of a variance percentage to budget. In others its more intangible, like knowing the amount of detail to present to an accounting manager vs. the CFO. One of 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 wont provide enough 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 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 have a hard time making the transition to financial analysis jobs because of their focus on numbers and order. A standard question I ask during a job interview is “What does materiality mean to you?” The applicants who tell me it means doing whatever it takes to get something to tie to the penny usually dont 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 spreadsheets and databases to pull together disparate data, solve problems, and present information to management. Experience with using all of the features of these tools isnt as important as an awareness of them and knowing when to use them, though a strong understanding of pivot tables and query design will go a long way. Further, its important to know the needs and personal style of the individual(s) for whom the work is being done. Some managers prefer information in a visual format like graphs, while others like it all laid out for them in detailed financial tables. Ultimately, its all about turning data 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 development 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。3. Understand management accounting concepts and apply them to their business. 理解管理会计概念并学以致用We all learned many valuable concepts in our undergraduate and MBA courses, but most financial analysts dont utilize them fully in their jobs. Good financial analysts remember these concepts and are able to apply them. For example, analysts responsible for departmental budgets are skilled at using variance analyses and activity-based costing (ABC) techniques. Those in capital intensive industries are skilled at applying return on investment and breakeven analyses. And those developing growth strategies will use contribution margin and incremental costing analyses.我们都在本科和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 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 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 you are rusty, you 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 companys financial systems and informal people networks 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 know their companys financial systemsGeneral Ledger, Sales, Inventory, etc.and the limitations of the data they contain, and they can extract data from 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 to ask for help or for answers is just as important as the financial systems. Informal people networks dont 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。Its 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. Possess a solid understanding of their companys products, 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 analyses relate to the business. Knowing the companys major revenue sources (products, customers), key computer systems, workflow processes, and geographic distribution will provide insights into the components of revenue and expense that should be analyzed. For example, an analyst who knows that 30% of a companys revenue is generated by one product will monitor that products sales very closely and be in constant contact with the product manager 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 mentality.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 arent satisfied with current improvements and are always looking 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 analysts will resist this urge. They will not only take the time to review the report for accuracy but to determine what it says about the business. Then they pass on any observations and questions to management when they deliver the analysis. This process works best if they set aside the analysis after its complete and then revisit it later with a fresh perspective. Good analysts consider their work to be analysis rather than reporting. If you can do only one thing differently, work on this quality because 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 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 just good, but great financial analysts. Several key qualities exhibited by great financial analysts are shown in Table 2, and, as you can see, they are 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 out Table 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，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 arent material. 当在分析不重要的事项时感到烦扰Great financial analysts understand the importance and relevance of their work. They have a strong sense of priorities and of what is important to their company, which results in the emotional reaction of “feeling bothered” when they are working on issues that arent material. This doesnt mean they neglect someone who needs help researching a small issue, but, if their instinct tells them they are wasting their time, they talk to the requestoreven a superiorabout 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 financial analysts dont get lost in the detail but start from the highest level and work downward until they experience insightsthose a-ha! moments. They are always aware of the “big picture” reason for their analyses and are able to come back to this high level after doing detailed work. They understand their companys mission and objectives and 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 an entrepreneur. 像企业家一样思考Great financial analysts look at their companys key financial and performance measures 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 actively offer their thoughts to key decision makers and enjoy discussions 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 processeslike the monthly close processthat are part of their work routine. But some dont understand the process 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 they still dont understand what value the process adds to 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 “Can we close the books one day sooner if we eliminate this step?” Or “Does anyone find value in this report that I produce and distribute each month?” Some of the biggest opportunities for proc