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

1 | Financial Analyst Career Path Guide

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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