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Finally, before hiring a financial analyst, make sure that you have the necessary business data to be aggregated and analyzed. If your company has not set up robust financial and operational records yet, you should look for an accounting solution rather than FP&A. These financial models allow executives to determine which areas of the business are driving success and which are bringing the business down. From there, analysts can adjust the model’s variables to get an idea of how various financial and operational strategies will drive growth.

• Conduct market research, competitive analysis, variance analysis, and different types of analysis to

PEIA over the past fiscal year had pressures of increased demand for drug and medical expenses with lower-than-anticipated return on investments. Much of that was attributed to societal behaviors and economic effects coming out of the covid-19 epidemic, and the officials overseeing the state insurance agency now anticipate much of that will smooth out. With some economic pressures easing, analysts are feeling better about the finances of the Public Employees Insurance Agency over the next year.

• Becoming a financial analyst generally requires a bachelor’s degree, though a master’s in finance or business administration may be beneficial when seeking advanced roles.