We are currently recruiting a Head of Financial Planning and Analysis for a Permanent contract.
This role is hybrid, both working from home and in our Oxford hub. The post holder will be required to make visits to the London and Edinburgh Hubs or to third parties as required.
We encourage our colleagues to work flexibly between home and the hub to suit their needs and preferences, in line with our hybrid working policy.
Colleagues are able to work their hours flexibly, in line with core business hours and requirements. We also offer formalised flexible working agreements.
The starting salary is £66,310.
To apply, please send a CV and cover letter to HRsupport@actuaries.org.uk by the closing date of Sunday 3 November.
Purpose of the job
Provides financial support for strategic and business planning, which includes running anticipated financial projections; budgeting and forecasting; scenario and business case analysis; and project reporting and investment appraisal. This requires close collaboration with the Executive Leadership Team and Senior Leadership Team, and liaison with key decision makers within the Institute and Faculty of Actuaries (IFoA), with influencing and presenting financial and management information.
To head up the Financial Planning and Analysis Team
Dimensions
Value of any budgets controlled: none directly
Number of staff for whom you are directly responsible: two
Financial authority limit: £25,000
The IFoA has an annual turnover of approximately £38m per annum. The post holder will be part of a team that processes that income and associated expenditure.
Principal accountabilities
- To review, analyse and provide insight on the Summary Monthly Management Information to the agreed timescales. Make recommendations for any follow up deep dive areas. The audience is the Senior Leadership Team (SLT), Executive Leadership Team (ELT) and IFoA Board. The aim is to provide the senior managers with relevant and timely information to enable them to assess performance against IFoA’s strategy and objectives. This will also involve working to develop more detailed statistical insight to assess the success of the IFoA and its financial strategy.
- To work with Council sub-group and/or the IFoA Board on detailed long-term analysis of financial and non-financial performance reporting.
- To prepare and consolidate the IFoA annual budget, assisting budget holders where needed with the preparation of their annual budgets. This budget will be compiled as part of the annual Corporate Planning process and the role will work closely with the Strategy and Planning Team, HR Team, Project Management Office, and Risk Team on this objective.
- Once the yearly budget is complete, and at other times if required, produce a multi-year (currently ten-year) forecast to guide decisions by IFoA Board / ELT. This is a crucial element of the IFoA assessment of continued sustainability as an organisation.
- To oversee the financial income forecasts working with the SLT members who oversee income generation teams, to agree a forecast of income for up to ten years including membership numbers, admission numbers, exam bookers and sitters, defaults & resignations and exemptions.
- To compile, review and report on the accuracy of financial expenditure forecasts provided by budget holders and project managers, challenging them as appropriate. IFoA usually reforecasts the budget at least twice a year, normally in June and September and at other times when required.
- Supporting the IFoA Board and Council in annual modelling of subscription and examination fee changes.
- Support the Chief Operating Officer (COO) in communicating financial strategy issues and recommended changes to ELT, IFoA Board and Council.
- Working with the Head of Finance and Operations and the Financial Accountant on the Monthly Management Accounts which are drafted by the Financial Accountant and assisting on the explanation of variances from budget and / or forecast.
- Use the output of financial models and analysis of trends to drive decision making and communicate relevant messages across the business. Ensure the integrity of financial models and projections through implementation of suitable controls, documentation, and testing. This could involve presenting to IFoA Board, deputising for the COO.
- To manage and motivate the Financial Planning and Analysis Team with its resourcing and workload.
- To work with the IT Team and their report writing resource on reporting from the Dynamics CRM to ensuring operational management information contained on any reports or dashboards is consistent with the Summary Monthly Management Information.
Main contacts
Will have both internal and external contacts and will provide advice and guidance at most levels within the IFoA.
Internal contacts include:
- Chief Operating Officer
- Head of Finance and Operations (Line Manager)
- Members of the Executive Leadership Team
- Members of the Senior Leadership Team
- Other Budget Holders and Project Managers
- Members of IFoA Board and Council
- Members of the IT Tema including Lead Business Analyst
External contacts include Internal and External Auditors and any third-party contractors who are project managing for IFoA.
A key element of the role will be contact with IFoA Council and Board, ELT, SLT, budget holders and project managers by influencing their decision-making process with budgets, forecasts, accounting insights and management information.
Impact
As a key team within the Finance and Operations Team and the Operations Group, the FP&A team provide expertise to support financial planning and statistical analysis within the IFoA.
Required to devise working methods and processes to forestall problems or facilitate report production. May not have any solutions to problems so working from first principles with minimal guidance from Head of Finance and Operations or Chief Operating Officer if required. Data analysis may well be entirely from first principles.
Decision-making and complexity
The post holder is expected to work independently with little input from their line manager and will need to ensure that standards are met with the financial analysis the FP&A Team produce.
The post holder has the ability to affect change and, where agreed, implement processes or procedures to enhance the experience of interaction with the IFoA in the area of financial planning and analysis.
The post holder must be able to analyse and interpret complex data deciding on what is relevant to guide the IFoA’s detailed statistical insight to assess the success of the IFoA and its financial strategy.
The post holder needs to be able to identify problems or alternative ways of working that could enhance financial strategy.
The post holder will need to engage with a variety of professional networks and be able to advise on best practice.
Knowledge and experience
Essential
- A UK professional accounting qualification (CIMA or equivalent).
- Evidence of significant finance and non-finance systems skills with a sound understanding of their use within an organisation of a comparable size, type and / or complexity as the IFoA
- Microsoft Excel skills to intermediate or advanced level and experience of operating a report writing package
- Considerable experience of report writing and data manipulation for management information purposes.
- Significant experience of financial processes and procedures as well as reporting up to a senior level
- Experience of line managing a small team
- Excellent communication skills both verbally and in writing as the ability to persuade, holding credibility and making constructive challenge at all levels of the organisation will be critical.
Desirable
- Some Excel VBA experience would be useful and Microsoft Dynamics / Power BI would be very desirable.
IFoA’s values
The role holder must be an ambassador for and demonstrate the IFoA Values in all aspects of their work.
- Member-focused: We put members at the heart of everything we do
- Action-oriented: We work hard, we work smart, and we take pride in getting things done, valuing action over perfection
- Forward- and outward-looking: We’re always looking to be bold and improve, innovate and take the next step
- Team-driven: We work in partnership, advancing together as one IFoA
Alternative format and adjustments
Please email the HR Team if you require:
- any information regarding our vacancies in an alternative format
- any adjustments to support you to fully participate in any part of the application and recruitment process
Any information shared will be used only to enable us to make reasonable adjustments to support candidates to participate in the recruitment process. It will not inform selection decisions.
You can reach us at HRsupport@actuaries.org.uk.
Diversity, equity, and inclusion
The IFoA encourages applicants from a variety of backgrounds and experience and welcomes diversity with regard not only to protected characteristics but also diversity of thought. Diversity, equity and inclusion are more than just words for us. That’s why we are committed to creating a culture where everyone feels included and respected, and where no one is unfairly discriminated against. Consequently, we promote diversity, equity and inclusion in all our policies, practices and procedures, and actively encourage applications from a diverse range of potential candidates. All applications for our roles are considered on merit alone, and if you don’t meet all the criteria but believe you have something to offer, we want to hear from you. For more information on our commitments, please see our DEI strategy page.
