Financial Analyst GS-1160 - HUD LEARN

Financial Analyst GS-1160

Career Path Guide

April, 2015

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HUD LEARN | Financial Analyst Career Path Guide

TABLE OF CONTENTS

FINANCIAL ANALYST GS-1160 ..................................................................................... 1 Career Path Guide.......................................................................................................... 1 Your Career as Financial Analyst ? SNAP SHOT........................................................... 1 Your Expertise.............................................................................................................. 1 Previous Experience .................................................................................................... 1 Key Duties and Responsibilities GENERAL ? ALL GS LEVELS........................................ 2 Competencies ? ALL GS LEVELS................................................................................... 3 Career Development - ALL GS LEVELS ......................................................................... 4 The Importance of Mentoring ...................................................................................... 5 Advancement ............................................................................................................... 5 Financial Assistant GS-5/7 ........................................................................................... 7 Financial Analyst GS-9............................................................................................... 10 Financial Analyst GS-11............................................................................................. 12 Financial Analyst GS-12............................................................................................. 14 Financial Analyst GS-13............................................................................................. 17 Lead Financial Analyst GS-14.................................................................................... 19 Financial Analysis Manager GS-15 ............................................................................ 21

Financial Analyst Career Path Guide

HUD LEARN | Financial Analyst Career Path Guide

Financial Analyst GS-1160

Career Path Guide

The Financial Analyst is a HUD Mission Critical Occupation meaning that it is core to carrying out the primary mission of the Department. Whether you aspire to be a senior leader or choose to deliver steady technical expertise as a HUD Financial Management professional, your contributions to the mission are valued and essential. The purpose of this career path guide is to provide you with a realistic preview of typical experiences, responsibilities, and duties associated with this occupation as well as strategies for developing and advancing your professional development as you grow your career at HUD.

Your Career as Financial Analyst ? SNAP SHOT

As a Financial Analyst, you support the Financial Management Division (FMD) in one of HUD's major programs such as Public Housing Programs, Housing Choice Voucher Programs, or Community Planning and Development Programs. You may work to support HUD Field Offices, HUD Headquarters, other Management Centers, the Secretary's Representative, and State and Area Coordinators on cross program activities, outreach, and technical assistance to owners, managers, and contract administrators. Financial Management Divisions perform professional, highly technical, or complex administrative activities related to the development and oversight of program statutory and regulatory policies, operational policies and procedures, standards, methods, and administrative requirements for HUD programs. Each FMD is responsible for implementing all activities related to the financial management, implementation, and monitoring of the program including budget estimates and projection, funds control, and program financial performance. The Divisions review, analyze, and maintain data on program performance, operations, use, and cost; analyze a variety of rental market data; and analyze Department policies for impact on the cost and efficiency of programs and recommend changes as appropriate. The work is of a national scope and impact, and involves dealing with managers, owners, Field Offices, program centers, REAC, Headquarters, and other HUD areas.

Your role as a Financial Analyst is also to serve as an advisor or subject matter expert (depending on seniority/experience), providing technical advice and guidance on financial matters relating to HUD programs. Unlike many positions which are standard throughout HUD programs, there is great variability in the work done by Financial Analysts depending on program needs. Typical responsibilities include review, processing, analysis, validation, and approval of financial documents and data such as program budgets, reservation, commitment, and obligation of funds, scheduling of payments, and financial yearend statements. Other typical responsibilities include interacting with staff in the Field Offices and Headquarters for resolution of audit findings related to the financial management of program participants; preparing correspondence; analyzing data to keep abreast of program compliance and performance obligations; leading or serving as a member of a team to develop appropriate solutions to complex issues and problems; and generating appropriate financial transactions.

Your Expertise

Financial Analysts are involved in diverse activities and program-specific work across HUD, though all Financial Analyst roles require knowledge of and strict adherence to available rules, regulations, statutes, policies, procedures, and detailed guidelines pertaining to financial management and funding aspects of HUD programs. These include legislative statutes, Departmental regulations, and HUD program participant contractual agreements. You use these established policies and procedures to obtain information on unusual cases and identify any potential changes needed on interpretation and development of guidelines. You should have the ability to apply basic problem solving techniques to review financial data from selected sources, identify problems, select appropriate courses of action from many acceptable alternatives, and inform your supervisor of findings on owners or managers nationwide. Comprehensive financial knowledge is needed to determine causes of problems in varying areas of the country with numerous external factors involved.

Previous Experience

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HUD LEARN | Financial Analyst Career Path Guide

It is advantageous for you to have experience in the following areas: performing financial analysis and evaluation work requiring a comprehensive knowledge of (1) corporate finance and specialized fields of finance (e.g., public finance, securities, international finance, money and securities markets, investments, and banking) and (2) the financial and management structure, operations, and practices of corporate and other organizations.

Key Duties and Responsibilities GENERAL ? ALL GS LEVELS

The Financial Analyst role involves increasing levels of oversight and responsibility as you grow in your career with HUD. There are several core duties and responsibilities that are common to non-trainee grade levels (GS-9 through GS-14) in the Financial Analyst series and most program areas. Below are examples and descriptions of major responsibilities for Financial Analysts, though their relevance to your work depends on the program in which you work. Please note that the duties and responsibilities listed here and in the following sections should be interpreted as examples of work you may encounter during your career at HUD; they will not all accurately reflect your work because the duties you perform are likely specific to your program.

Financial Analysis ? You perform technical review and analysis of financial data reported on various documents such as budgets, requisitions, fiscal year end statements, year-end settlement statements, voucher assistance payments, disbursements, reconciliations master files, and annual operating budgets and formula expenses. You conduct risk and in-depth analyses of all aspects of financial management and systems for compliance with program regulations, and develop effective solutions/recommendations that may be incorporated into overall grantee management plans or actions to be undertaken. This involves accessing and using information from a variety of systems to make determinations regarding approval of program budgets, waivers related to operating expenses, financial management policies, and impacts to program financial risk, financial statements and scheduling of payments. Systems involved include, but are not limited to, HUDCAPS, LOCCS, PIC, VMS, FASS, SAS, Microsoft Access and Excel.

Solving Financial Problems ? You recommend and implement creative solutions to financial problems and take an active role in implementing needed changes.

Dealing with Financial Management Issues - You initiate and participate in team assignments as needed to deal with cross cutting financial management issues. When appropriate, you participate in teams established to address financial management issues or problems, to develop appropriate solutions (which often will be extended nationwide) to financial management issues and problems identified by either analysis or data or through contact with Field Office staff or REAC staff. You assist in the control, monitoring, sub-assignment, and oversight of allocations of operating subsidy funding for the FMD.

Management and Performance Planning ? You assist the FMD Director in monitoring and evaluating management or performance plan goals, including input and feedback into the development and analysis of diagnostic data, monitoring and tracking accomplishments as assigned, providing input into the Management Plan reports, analyzing reports submitted on public housing operating expenses, shortfalls, over-leasing, and formula eligibility calculators, clarifying issues, and resolving problems related to goal achievement.

Monitoring Compliance ? You assist Field Office staff in monitoring compliance of all program participants in the financial area including sufficiency of Operating Reserves, compliance with GAAP Reporting principles, inter-fund transfers, and program utilization. You utilize IDIS and other financial management systems to monitor and evaluate financial operation of CPD grantees in compliance with Department CPD program regulations, federal requirements, and effective use of grant program funds and final disposition of close-out agreements. You may develop and maintain comprehensive audit tracking systems for monitoring CPD program financial activities, conduct reviews and follow-up actions on Office of Inspector General (OIG) audits and applicable Federal Management Circulars to ensure timely and efficient responses to findings and recommendations. You work with other financial analysts to identify financial trends and coordinate as necessary with cross functional experts to develop strategies for dealing with these broad trends.

Technical Assistance ? You provide targeted technical assistance requiring financial analyst expertise to assigned program participants by responding to questions, identifying technical assistance needs, and assisting in the development of tailored packages to address those needs using strategies such as peer to peer networks and developing accounting systems and cash handling procedures. You provide technical assistance and advice to the Field Offices, Headquarters, REAC, etc., as necessary on issues

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HUD LEARN | Financial Analyst Career Path Guide

relating to the financial management of the HUD programs. You may plan and conduct training for the assisted housing industry, Field Office staff and other customers on new procedures or policies to be utilized in the transmission of automated program data to the FMD.

Recovery of Funds ? You conduct appropriate follow-up to recover funds, monitor repayment agreements, and manage debt collection repayment process. You assist in the identification of serious problems and patterns of potential fraud or abuse.

Preparing Financial Reports and Other Written Materials ? You prepare and submit various statistical, programmatic, and administrative written reports, evaluations, plans and strategies on problems, issues, budgets, training needs assessment, travel, and most effective utilization of resources. You prepare written materials to describe program findings and recommendations, summarize the results of research and projects, recommend a solutions with supporting documentation and evidence, and describe proposed process changes in order to influence the opinion or action of others, negotiate agreement among conflicting parties, explain a complicated or technical issue, or explain unpopular or controversial decisions. You process special requests, controlled correspondence, and other correspondence as assigned (e.g., you may administer the financial aspects of a grant portfolio ensuring the accountability of the appropriate use of Federal Funds awarded to CPD grantees within an assigned jurisdiction).

Preparing Recommendations ? You participate in meetings for the purpose of assessing and preparing recommendations for improved operations and performance, applying a thorough and comprehensive knowledge of the policies, laws, regulations, procedures, and methods of financial management, and exercise originality in developing and establishing standards, procedures, and instructions necessary to support the FMD, Field Office, REAC and other involved parties.

Analyzing Data ? You analyze REAC results data for all program participants; identifying trends and developing material on financial management issues, regulatory guidance matters, and program changes for dissemination to the program participants.

Creating and Strengthening Internal and External Partnerships ? Your work involves interaction with other HUD specialists or generalists in Headquarters, Field Offices, Program Center, or other Management centers on cross cutting issues and problems. You explore non-HUD sources of technical assistance (e.g., non-profits, universities, etc.) and facilitate effective partnerships between HUD, residents, and management of organizations and entities participating in HUD programs.

Utilizing Technology ? You utilize available computer equipment and data systems to maintain current financial data, track program participant performance trends and compliance issues, and generate appropriate work products.

Providing Financial Guidance? You directly provide advice and guidance for program participants on unique situations and cases which have not been previously encountered and for which there are no national procedures or experience. You provide advisory services related to specific tasks assigned and contribute to decisions made by supervisors relating to assigned tasks. You serve as a financial program matters resource, identifying operational and programmatic deficiencies as related to the assigned task, and provide your supervisor and peers with recommendations (solutions which have been effective in the past, novel techniques, and programs being used in other locations). You receive and review financial and funding documents, and make determinations regarding their accuracy and completeness. As a result of your recommendations, the amount and timing of funding to program participants is affected. You develop and/or participate in training for other staff members and FMD customers. You also serve as a technical specialist at local, regional, state and other conferences, seminars, workshops, etc., on HUD financial management issues and topics with oral and written presentations.

Government Technical Monitoring? You may be asked to serve in a limited capacity as a Government Technical Monitor (GTM) at the direction of the Division Director as needed for contracts related to the work of the FMD. This work may involve serving as primary liaison with the contractor and the responsible Contracting Officer; ensuring appropriate communication and flow of information; coordinating and monitoring any use of government space and equipment by contractors; and participating in pre-award and post-award activities

Competencies ? ALL GS LEVELS

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HUD LEARN | Financial Analyst Career Path Guide

The competencies below are relevant to all Financial Analysts across all GS Levels. Knowledge, skills and abilities are also presented by specific GS Level.

Competency

Principles of Accounting

Description

You have knowledge of generally accepted accounting principles, standards, and practices (for example, double entry accounting, accrual accounting), including the full accounting cycle and the preparation of work sheets, financial statements, ledgers, and journals.

Financial Analysis

You have knowledge of the principles, methods, and techniques of financial analysis, forecasting, and modeling to interpret quantitative and qualitative data; including data modeling, earned value management, and evaluating key financial indicators, trends, and historical data.

Financial Management

You understand the organization's financial processes and are able to prepare, justify, and administer program budgets, monitor expenditures, and use cost-benefit thinking to set priorities.

Problem Solving

You are able to identify problems; determine the accuracy and relevance of information; and use sound judgment to generate and evaluate alternatives and to make recommendations.

Computer Programs

You have knowledge of computer programs and their applications to perform a wide array of functions, including software such as Microsoft Office (ACCESS and Excel, including Visual Basic Programming), SAS, SharePoint, InfoPath, and MicroStrategy.

Oral Communication

You are able to express information (e.g., ideas or facts) to individuals or groups effectively, while taking into account the audience and nature of the information e.g., technical, sensitive, controversial); make clear and convincing oral presentations; listen to others; attend to nonverbal cues; and respond appropriately.

Written Communication

You are able to recognize and use correct English grammar, punctuation, and spelling; communicate information (e.g., facts, ideas, or messages) in a succinct and organized manner; and produce written information, which may include technical material, which is appropriate for the intended audience.

Analytical Reasoning

You take a well-ordered, logical approach to identifying and preventing problems, seeking and analyzing information, and developing solutions.

Organizational Awareness

You are aware of HUD's mission and functions; you understand how the social, political, and technological systems work; you are able to operate effectively within the policies, procedures, and regulations; you are able to apply your knowledge of key roles and responsibilities across organizational functions; and you are able to make recommendations concerning internal and external policy issues.

Career Development - ALL GS LEVELS

Many Financial Analysts enter with existing knowledge and skills in financial analysis and accounting; those that do not already have knowledge and skills in these areas will need to complete training in basic financial analysis. You will complete general HUD training upon entry, as well as specific training geared toward the program in which you work. On-the-job training is widely utilized in this career, and is specific to the work, systems, and tools within your program. Throughout your career at HUD, you are encouraged to take control of your career by participating in targeted developmental activities, taking relevant training, and seeking diverse and demanding

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assignments that will allow you to develop your skills and learn new tools and methodologies as needed. Continually learning and investing in your education and training will help you better tackle obstacles on your job as well as increase the likelihood of your career advancement as a Financial Analyst.

Participate in training and development areas that strengthen your skills in the following areas:

Financial analysis. Organizational dynamics. OMB cost principles. Forensic accounting. Government accounting. Financial auditing techniques. Negotiation and influencing skills. Program training (e.g., PIH, OFO, CPD, Public Housing, Multi-family Housing). Budget rules according to the Federal Credit Reform Act of 1990. IDIS and PERMS (e.g., what is required for recipient data entry, how to strengthen recipient requests, and

how to work within the system). Real-estate planning and development (e.g., underwriting, bidding, and construction management). Written and intranet materials that provide information about HUD and the scope of its mission, goals,

objectives, and operations. HUD Core Competencies for all employees (General Skills Assessment). HUD Learning Management System (LMS) ? HUD Virtual University (HVU). Archived HUD Conferences and Seminars within HVU and Skillsoft. Online training (e.g., Khan Academy).

The Importance of Mentoring

Financial Analysts gain a significant amount of valuable learning on the job. They learn by experience working with client groups and from peers in both formal and informal mentoring relationships. Mentoring is an effective way to gain skills and develop competencies outside of a formal training setting.

Mentors provide mentees with developmental feedback, challenging assignments, as well as technical coaching. Mentees have an opportunity to test out new behaviors and tasks and practice skills such as oral communication and negotiation with high-level officials ? tasks that are often challenging and critical to performance in this field. Mentors also benefit from the mentoring relationship. Serving as a mentor strengthens work-related skills, increases confidence, improves communication skills, and improves leadership skills. In addition, mentors benefit from the satisfaction of knowing they are helping someone else achieve their career goals.

Entry-Level Financial Analysts should continually seek mentoring from Senior Financial Analysts, who should themselves look for opportunities to mentor the next generation of talent in this area.

Advancement

As a Financial Analyst, you have the opportunity to advance within your current role and to take on higher level roles at HUD Field Offices or at Headquarters. However, being eligible for promotion does not guarantee you will be promoted. Typically, you must compete and be selected for a vacancy at a higher grade level unless the promotion is within a "career ladder". Career ladder is the term used to describe a position that is filled at an entry

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