Top 10 Competencies of Financial Analysts from Utility Companies

Power up your financial analyst recruiting based on what utility companies know, the top ten competencies of financial analysts who contribute to a brighter future. Financial analysts are the people entrusted with providing recommendations for economic success. It requires a special skill set to evaluate current and historical financial data and to give investment recommendations that align profit forecasting with economic trends. The financial analysts at utility companies have an expanded responsibility connected with servicing the community at the best rates in the most sustainable way for the future. Whether or not you have a utility company, the traits associated with long-term planning and short-term problem solving can help with recruiting the best financial analyst candidates.

Here are 10 competencies to look for in potential financial analysts based on the top picks of utility companies:

Analytical Skills

When looking to hire a new financial analyst, it’s hopeful that the candidates you invest your time into, will have magnificent analytical skills. The ability to take a step back, look at the full financial problem or situation, and carry forward with a developed plan to help the company make sound financial decisions based on the analysis of resources, markets, products and all other aspects that may affect a financial situation.

Industry Knowledge

When working with utility finances, it’s important to hire a candidate that stays updated with what’s happening in the industry. In the world of utilities, they need to be able to stay up to date with trade, electric power, natural gas, water supply, where it comes from, how much it costs, and if there is anything going on in the world to prevent supplying these daily necessities to customers.

Problem Solving Skills

You want to hire a financial analyst that is going to solve your financial needs effectively and efficiently. This can come in handy when working through financial equations or looking for a way to solve a debt issue. Adding financial analyst strength to your team reduces the risk for negative surprises relating to funding and budget. Your future trusty problem-solving financial analyst can become the team’s go-to person for creative and timely financial solutions.  

Accounting Skills

This one may be a bit obvious, yet just as important to mention. Look for candidates with accounting experience and/or education qualifications. This is a necessary skill set to have as it will ensure they know how to work finances effectively. You want to hire a financial analyst that is aware of various standards and techniques, understands accounting principles, cost analysis, reduction, how to calculate any given budget effectively, and countless other financial responsibilities.

Financial Literacy Skills

Again, on your search for financial analysts, it’s in the high hopes that your candidates have an advanced understanding of how to decipher financial situations. Hire someone knowledgeable of today’s interest rates, the investment market, the utility resources, and any other current events that may help improve a financial analyst’s efficiency.

Interpersonal Skills

Like many roles within your group, the financial analyst will make a greater and more positive impact with collaborative teamwork. Interpersonal skills are an essential part of a financial analyst being effective with a group of many stakeholders and interests. When they present their ideas to investors, it’s important it reflects the input of fellow employees to yield the best outcome. Hiring someone with this skill set can be the difference in converting a proposal into an approved plan of action for collaborative projects.

Technical Skills

In this day and age with such a rapidly transforming economy, most companies stress the value of utilizing technology to enhance their work performance. There will be frequent instances where you will need your financial analyst to work on complex software programs to produce results the most efficient way possible. Talk with them about the programs and applications they use and assess their adaptability to learning new methods.

Management Skills

Your financial analyst will not only be responsible for budgeting and finances, they may become a team leader and be responsible for the performance of other team members as well. If they will be leading a finance department then it is especially important for leadership to be well defined in the job post description and to assess the candidate’s leadership capabilities. Being able to inspire effective team communication and give professional mentoring advice when needed is something that may make certain candidates stand out.

Critical Thinking

Critical thinking and problem solving go hand in hand. It’s inevitable that there will be many occasions when there is a dire financial situation and nobody really knows how to handle it. This is when it can make a huge difference in the success of your company if you have a financial analyst who is a critical thinker, able to discern the most relevant aspects of a situation, desired outcomes, and the different solutions. Use behavioral interview questions to get to know how they think.

Organizational Skills

This could quite possibly be one of the most valuable characteristics to look for in a financial analyst. They will be in charge of keeping track of countless financial records, data, and reports. It’s critical to hire someone with excellent organizational skills. Trusting that your analyst knows where to quickly find the most useful information at any time, provides peace of mind and empowers other team members to focus on their roles.