Synthesise financial information

Collect, revise and put together financial information coming from different sources or departments in order to create a document with unified financial accounts or plans.

combine financial information
synthesise information on finances
synthesising financial information
unify financial information

skill/competence

cross-sector

Synthesise financial information is an essential skill of the following occupations:

Insurance claims handler: Insurance claims handlers ensure that all insurance claims are handled accurately and that payment for valid claims is made to the policyholders. They use statistical data and reporting to calculate and adjust claims as needed, communicate with and guide policyholders and monitor the progress of a claim.
Actuarial consultant: Actuarial consultants analyse, manage and provide guidance on financial impact of risks. They can work in fields related to insurance, pension, investment, banking, healthcare etc. Actuarial consultants apply technical and statistical models and theories to give strategic, commercial, and financial advice.
Credit analyst: Credit analysts investigate credit applications from customers and evaluate if the applications comply with regulations and guidelines of the financial loan-granting institution. On the basis of credit analyses they advise financial institutions whether customers are loan worthy. They perform tasks such as collecting data on the loan applicant, aquire additional information from other departments or institutions and indicating what sort of agreements the financial institution should reach with the credit applicant. Credit analysts also follow up on the development of the credit portfolio of clients.
Branch manager: Branch managers are responsible for the management of all the affairs related with a company in a specific geographic region or business branch. They receive indications from the headquarters, and depending on the structure of the company, they aim to implement the strategy of the company while adapting it to the market where the branch operates. They envision management of employees, communications, marketing efforts, and follow up to results and objectives.
Insurance rating analyst: Insurance rating analysts analyse information related to insurance markets and their credit rating, prepare rating reports and invoices, compile financial data and present and explain credit rating opinions to stakeholders, clients and external parties. They work for insurance companies and calculate the insurance premium and rates for the company’s clients using both manual and automated methods.
Financial planner: Financial planners assist people dealing with various personal financial issues. They are specialised in financial planning, such as retirement planning, investment planning, risk management and insurance planning, and tax planning. They advise a strategy tailored to the client’s needs. They ensure the accuracy of bank and other financial records while maintaining a customer-orientated approach and following ethical standards.
Credit manager: Credit managers oversee the application of credit policy in the bank. They decide the credit limits to be imposed, the reasonable levels of risk accepted and the conditions and terms of payment made to the customers. They control the collection of payments from their customers and manage the credit department of a bank.
Investment adviser: Investment advisers are professionals who offer transparent advice by recommending suitable solutions on financial matters to their clients. They advise on investing pension or free funds in securities such as stocks, bonds, mutual funds and exchange-traded funds to customers. Investment advisers serve individuals, households, families and owners of small companies.
Financial controller: Financial controllers handle all tasks related to the budgeting and accounting aspects of a company or organisation. They implement and ensure compliance with internal financial and accounting procedures, and prepare documentation for external audits. They collect information related to financial statements such as assets, liabilities, equity, and cash flow in order to assess the company’s financial position to prepare annual budgets and forecasts.
Cost analyst: Cost analysts prepare regular costs, budgeting analyses and reports in order to contribute to the overall cost planning and forecasting activities of a business. They review and reconcile key balance sheets and identify new opportunities to save costs.
Financial broker: Financial brokers undertake financial market activities on behalf of their clients. They monitor securities, financial documentation of their clients, market trends and conditions and other legal requirements. They plan buying and selling activities and calculate transactions costs.

Synthesise financial information is optional for these occupations. This means knowing this skill may be an asset for career advancement if you are in one of these occupations.

Credit adviser: Credit advisers offer guidance to customers related to credit services. They assess the customer’s financial situation and debt issues arisen from credit cards, medical bills and car loans in order to identify optimal credit solutions for customers and also provide debt elimination plans to adjust their finances if needed. They prepare qualitative credit analyses and decision-making material in respect of defined customers in conformity with the bank’s strategy on credit policy, ensure the credit quality and follow up on the performance of the credit portfolio. Credit advisers also have expertise in debt management and credit consolidation.
Manufacturing cost estimator: Manufacturing cost estimators collect and analyse data to evaluate the money, materials, labour and time required for manufacturing processes. They conduct analyses to identify (alternative) cost effective technical designs and production processes. They develop and use methods and tools for cost planning, controlling and analysis. They also perform quantitative and qualitative risk analyses and report on the development of costs.
Financial manager: Financial managers handle all the matters in reference to the finance and investments of a company. They manage financial operations of companies such as the assets, liabilities, equity and cash flow aiming to maintain the financial health of the company and operative viability. Financial managers evaluate the strategic plans of the company in financial terms, maintain transparent financial operations for taxation and auditing bodies, and create the financial statements of the company at the end of the fiscal year.
Stock trader: Stock traders use their technical expertise of financial markets performance to advise and make recommendations to asset managers or shareholders for a profitable investment strategy, keeping in mind the company’s performance. They use stock market trading operations and deal with a wide array of taxes, commissions and fiscal obligations. Stock traders buy and sell bonds, stocks, futures and shares in hedge funds. They perform detailed micro- and macroeconomic and industry specific technical analysis.
Mortgage broker: Mortgage brokers handle mortgage loan applications from clients, collect loan documentation and search for new mortgage lending opportunities. They complete and close mortgage loan processes for their clients.
Investor relations manager: Investor relations managers disseminate the investment strategy of the company and monitor the reactions of the investment community towards it. They use marketing, financial, communications, and security law expertise to ensure transparent communication to the larger community. They respond to inquiries from shareholders and investors in relation to the company’s financial stability, stocks, or corporate policies.
Budget analyst: Budget analysts monitor the spending activities of public and private institutions and companies. They prepare budget reports, review the budget model used in the company and ensure compliance with the budgeting policies and other legal regulations.
Business manager: Business managers are responsible for setting the objectives of the business unit of a company, creating a plan for the operations, and facilitating the achievement of the objectives and implementation of the plan together with employees of the segment and stakeholders. They keep an overview of the business, understand detailed information of the business unit and support the department, and make decisions based on the information at hand.
Insurance agency manager: Insurance agency managers coordinate and oversee the operations of an institution or a branch of an institution that offers insurance services. They provide clients with advice on insurance products.
Pensions administrator: Pensions administrators perform administrative duties in the management of pension schemes, ensuring the correct calculation of client’s pension benefits, compliance with legal requirements, drafting reports and communicating relevant information to customers. They work either in the private or the public sector.
Bank manager: Bank managers oversee the management of one or several bank activities. They set policies which promote safe banking operations, ensure the economic, social and commercial targets are met and that all the bank departments, activities and commercial policies are in compliance with legal requirements. They also manage employees and maintain an effective working relationship among the staff.
Insurance risk consultant: Insurance risk consultants prepare reports for insurance underwriters. For this purpose, they undertake surveys in order to determine the potential financial risk for personal products, properties or sites.
Loan officer: Loan officers assess and authorise the approval of loan applications for individuals and businesses. They ensure complete transactions between loan organisations, borrowers, and sellers. Loan officers are specialists in consumer, mortgage, or commercial lending.
Department manager: Department managers are responsible for the operations of a certain division or department of a company. They ensure objectives and goals are reached and manage employees.
Bank treasurer: Bank treasurers oversee all aspects of the financial management of a bank. They manage the liquidity and solvency of the bank. They manage and present current budgets, revise financial forecasts, prepare accounts for audit, manage the bank’s accounts and maintain accurate record-keeping of financial documentation.
Pension scheme manager: Pension scheme managers coordinate pension schemes in order to provide benefits in retirement to individuals or organisations. They ensure the daily deployment of the pension fund and define the strategic policy for developing new pension packages.
Corporate banking manager: Corporate banking managers offer advice on a broad range of financial goods and services such as securities services, credit services, cash management, insurance products, leasing, information on merges and acquisitions and capital markets activities, to institutions and organisations.
Dividend analyst: Dividend analysts calculate and allocate dividends and interest incomes of a company’s earnings to a category of its shareholders. They assess business systems and processes in order to identify user needs and to deliver appropriate solutions. They also undertake dividend forecasts on amounts and payment schedules and identify potential risks, based on their financial and market price expertise.
Insurance underwriter: Insurance underwriters assess business risks and liability policies and make decisions about commercial property. They inspect the conditions of businesses’ properties, analyse inspection policies, assist with real estate and rent issues, prepare loan contracts and handle commercial risks in order to align them with business practices. Insurance underwriters analyse various information from prospective customers in order to assess the likelihood that they will report a claim. They work to minimise risk for the insurance company and make sure that the insurance premium aligns with the associated risks. They can be specialists in life insurance, health insurance, reinsurance, commercial insurance, mortgage insurance.
Human resources manager: Human resources managers plan, design and implement processes related to the human capital of companies. They develop programs for recruiting, interviewing, and selecting employees based on a previous assessment of the profile and skills required in the company. Moreover, they manage compensation and development programs for the company’s employees comprising trainings, skill assessment and yearly evaluations, promotion, expat programs, and general assurance of the well-being of the employees in the workplace.

References

1. Synthesise financial information – ESCO