What does a Financial Analyst do?

Explore the responsibilities, collaboration, and growth opportunities of a Financial Analyst in the Clinical Research Industry

Financial Analysts play a crucial role in driving Parexel's success by providing accurate financial analysis and insights to support project leadership and decision-making processes. They are responsible for managing financial aspects of clinical research projects, ensuring transparency, and identifying opportunities for improved revenue outlook. As a Financial Analyst at Parexel, you'll contribute to the company's mission of delivering life-changing therapies to patients by optimizing financial performance in the clinical research industry.

Browse our open Financial Analyst positions or learn more about a day in the life of a Financial Analyst.

Q: What are the job responsibilities of a Financial Analyst?

A:  A Financial Analyst is responsible for:

1. Analysis & Reporting:

• Creating accurate and timely financial analyses for project leadership

• Facilitating monthly revenue cycles and supporting project analysis requirements

• Providing updates on financial status and creating reports for client needs

2. Budgeting:

• Monitoring balance sheet positions for assigned projects

• Managing pass-through costs within project budgets

3. Metrics:

• Maintaining and communicating relevant project financial metrics

• Conducting monthly project performance reviews

Scope of Work:

• Initiating and reviewing changes in scope of activities

• Maintaining and updating project budgets

4. Resourcing:

• Reviewing labor assumptions and resource planning

• Monitoring resource levels and identifying margin implications

5. Testing:

• Completing revenue control testing and audit-related tasks as required

Q: Which roles do I collaborate with as a Financial Analyst?

A: Financial Analyst at Parexel collaborate with various teams and roles, including:

1. Project Leaders (PLs): Working closely to provide financial insights and support decision-making
2. Project Teams: Collaborating on budgets, resource planning, and financial performance
3. Other Finance Team Members: Coordinating on company-wide financial processes and reporting
4. Operations Teams: Aligning financial forecasts with operational plans
5. Business Development: Supporting financial aspects of new business proposals
6. Client Services: Providing financial reporting and updates for clients
7. Human Resources: Collaborating on resource planning and labor cost management
8. Legal Team: Assisting with financial aspects of contract reviews and changes in scope
9. Executive Leadership: Presenting financial insights and recommendations to senior management

This cross-functional collaboration enhances your understanding of the business and supports your career growth.

Q: Will I have to travel as a Financial Analyst?

A: As a Financial Analyst at Parexel, travel requirements are typically minimal. Most of your work can be done remotely or from your assigned office location. However, there may be occasional travel opportunities for:

• Team meetings or training sessions at other Parexel offices
•  Client meetings for high-profile projects
• Financial review sessions with project teams in different locations
• Industry conferences or professional development events

The extent of travel can vary depending on your specific role, the projects you're assigned to, and your career level. Parexel values work-life balance and strives to keep travel requirements reasonable.

Q: Are there remote job opportunities as a Financial Analyst?

A: 

Q: What career progression is typical for a Financial Analyst?

A: A Financial Analyst at Parexel can expect a rewarding career path with opportunities for growth:

• Associate Financial Analyst
• Financial Analyst
• Senior Financial Analyst
• Finance Manager
• Senior Finance Manager
• Director of Finance
• VP of Finance

As you progress, you'll gain more autonomy, handle more complex projects, and develop stronger business partnering skills.

Q: How does a Financial Analyst in clinical research differ from other industries?

A: A Financial Analyst in clinical research, particularly at Parexel, differs from those in other industries in several ways:

• Industry-specific knowledge: Understanding of clinical trial processes, regulatory requirements, and the drug development lifecycle is crucial
• Project-based finance: Focus on managing finances for individual clinical trials and research projects rather than traditional product lines
• Complex revenue recognition: Dealing with unique revenue recognition rules specific to long-term clinical research contracts
• Global perspective: Working with international teams and navigating multi-currency projects due to the global nature of clinical trials
• Regulatory compliance: Ensuring financial practices adhere to strict industry regulations and standards
• Patient-centric focus: Aligning financial decisions with the ultimate goal of bringing life-changing therapies to patients
• Specialized software: Proficiency in industry-specific tools like Oracle EPM (Hyperion) alongside standard financial software
• Risk management: Addressing unique financial risks associated with clinical trial success rates and timeline uncertainties

These differences make the role both challenging and rewarding, offering a unique perspective on finance in a high-impact industry.