Everything from soft skills to programming computer skills will come in handy when you decide that this is the profession you would like to pursue. Here's all you need to know about education requirements and the duties you will be responsible for in this career as a revenue management analyst.
Job description and duties of a revenue management analyst
A revenue analyst's primary job is to analyze a company's finances. Their insights on financial data will help boost revenue growth.
A professional revenue management analyst job is essential for large corporations, primarily because they help to monitor current or future financial risks. They study trends and identify problems as well as solutions in relation to the financial markets. A career as a revenue management analyst will give you in-depth experience with problem-solving and business finances. You will be the point of contact for many professionals in the company, helping to give advice and relay information between departments.
Because it will be your job to identify financial risk, you will need to know how to communicate in a way that is clear and concise with your colleagues, superiors and team members. You may also be required to meet with managers from other partner companies, or even attend financial meetings that bring your market competition together.
When new revenue control policies are instated, you might be called on to train other employees and staff members or collaborate on new policies. Putting new systems in place, evaluating the current state of financial affairs and making decisions that will improve or grow the company revenue will be part of your daily tasks.
If the public profile of a company is at risk because of some financial matters, your opinion may be called on, or you may be tasked with formulating press releases for the media and the public. Since all matters will be regarding your company finances, you will need to know how to formulate this type of communication.
It is imperative that you work with utmost discretion, as you will have access to all of the company's financial transactions and sales contracts. You will also be responsible for writing up the annual or quarterly revenue reports and other important financial documents.
Skills required for a job as a revenue management analyst
The skills you should have when applying for the job of a revenue management analyst are many. Besides being a good communicator with the ability to handle reports and communications between departments and outside partners or company stakeholders, you will also need other professional skills.
The ideal revenue management analyst is knowledgeable in computer programming, business analytics, and should have special knowledge of many financial statistical software programs.
Most companies look for individuals who are certified public accountants. Most look for individuals who have obtained a bachelor's degree or masters degree in business studies. If you have had experience with other non-traditional education such as online courses for financial auditing and bookkeeping, be sure to show your experience and documents or diplomas for these.
Though there is no standard or required educational background for this job, it helps to have degrees in business administration, business economics, finance or statistics. Be ready to also prove competence in team-working and problem-solving. Come prepared with any letters you may have from former colleagues and employees.
Where to find and locate companies hiring revenue management analysts
There are quite a few online platforms you can look at to find job openings for a revenue management analyst. Although a quick Google Search might get you some good leads, you shouldn't neglect the trusted job-hunting sites such as Indeed.com On Glassdoor and PayScale, you can read reviews from employees who have had such positions and also compare salaries or find out what you should be making as a revenue management analyst. Another good place to look is on LinkedIn. Remember to refine your search with the right search keys, to locate companies who are currently hiring.
How much can you make as a Revenue Management Analyst?
With this job, expect to make an average of $60,000-$90,000 per year. If you have no prior experience and are just starting out in this type of work, you may earn between $65,000 and $93,000 a year for Directors of Revenue Management. (Source: Glassdoor) Many factors will decide your salary, including the location of your work and residence, your performance, and of course how large the company is. But even if you start lower on the pay scale, rest assured that you can continue an upward climb on the corporate ladder.
There is the possibility of promotions to other positions such as revenue manager, controller, and even Chief Financial Officer, once you have proven your worth and abilities.
According to PayScale.com, most revenue analysts in the U.S. commanded $33,878 and $75,594 last 2016. To find out about new business trends and profiles for careers in 2018, be sure to follow our blog and website. We help young students find good online programs that will enable them to secure great careers in the future.