If predicting the revenue cycle and finding strategies to maximize revenue are undertakings that appeal to you, you may have the right skill set and interests to be a revenue management analyst. You'll employ a broad range of talents, from soft skills to accounting to computer programming, in this in-demand business analytics profession. 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.
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Revenue management analysts primary job analyze a company's finances. Their insights on financial data help boost revenue growth.
Revenue management analysts are essential for large corporations because they help 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 data analysis. You will be the point of contact for many professionals in the company including the management team, helping to give advice and relay information among 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 and occasionally 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 all be part of your portfolio of responsibilities.
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.
A revenue management analyst needs to be a good communicator, with the ability to handle reports and communications between departments and outside partners or company stakeholders. Many other skills are also required.
The ideal revenue management analyst is knowledgeable in computer programming and business analytics, and is familiar with 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 master's 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 on your résumé.
Though there is no standard or required education 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.
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 salary 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 management analysts in the U.S. earned a median salary of $56,578 (with a tenth-to-ninetieth-percentile range of $46,000 to $73,000), with an additional $4,782 in bonuses and $1,200 in profit sharing. 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.