Prepare for your Strategic Finance Associate interview. Understand the required skills and qualifications, anticipate the questions you may be asked, and study well-prepared answers using our sample responses.
This question can help the interviewer determine your level of experience with public companies and how you might fit into their organization. If you have previous experience working with public companies, share what you learned during that time. If you don’t have any experience working with public companies, explain what you would do if you were hired for this role.
Answer Example: "I am very familiar with the financial statements of public companies. I have been working as a Strategic Finance Associate for the past three years, where I am responsible for preparing the company’s financial statements each quarter. I also assist with preparing the annual report for shareholders."
This question can help the interviewer determine your knowledge of financial statements and how you use them. Use examples from your experience to explain the different types of financial statements, such as balance sheet, income statement and cash flow statement.
Answer Example: "There are three main types of financial statements—the balance sheet, the income statement and the cash flow statement. The balance sheet shows a company’s assets, liabilities and equity at a specific point in time. The income statement shows revenue, expenses and net income over a period of time. The cash flow statement tracks cash inflows and outflows from operations, investments and financing activities."
This question is an opportunity to show your knowledge of the role and how it contributes to the organization. You can answer this question by describing the responsibilities of a strategic finance associate, including any important skills or traits they need to have.
Answer Example: "Strategic finance associates are responsible for managing the financial health of a company by creating budgets, managing accounts and making sure bills are paid on time. They also work with managers to create budgets for their departments so they know how much money they have to spend. In addition to these duties, strategic finance associates must be organized and detail-oriented so they can keep track of all financial transactions."
This question can help the interviewer understand your experience with financial modeling and how you use it in your work. Use examples from previous projects to explain what financial modeling is, how you use it and what benefits it provides for organizations.
Answer Example: "In my last role as a Strategic Finance Associate, I worked on a project where we needed to create financial models for new products we were launching. This process helped us understand how much money we would make from each product based on its sales projections and costs. We used these models to make decisions about which products to launch based on their profitability."
Interviewers may ask this question to assess your communication skills and how you handle challenging situations. When answering, it can be helpful to focus on the specific steps you took to provide the feedback and the outcome of those steps.
Answer Example: "In my last role as a financial analyst, I had to provide feedback on the company’s budgeting process. The company had been struggling with meeting its quarterly targets, so I met with management to discuss possible solutions. We decided that the best course of action was to hire more staff members to help with accounting tasks. This helped us meet our targets and saved the company money by avoiding hiring more contractors."
This question helps the interviewer determine how you prioritize your work and what your immediate goals would be if hired. When answering this question, it can be helpful to mention two or three priorities that align with the job description.
Answer Example: "My top priority would be to ensure that all financial reports are accurate and timely. I also plan to create a system for tracking expenses so we can better predict future costs. Finally, I would like to create a budgeting system for our department so we can track our spending and ensure we’re staying within budget."
This question can help the interviewer determine how you would use your financial expertise to help a company save money. Use examples from your past experience to explain what steps you would take to address overspending in a specific area and how it impacted the company’s finances.
Answer Example: "If I noticed a pattern of overspending in one area of the company, my first step would be to speak with the department head about the issue. I would explain the problem and offer my assistance in finding solutions. If the overspending was due to lack of budgeting or planning, I would work with the department head to create a budgeting plan that includes realistic goals and expectations."
This question can help the interviewer understand how you handle yourself in a time-sensitive situation. Use examples from past experiences where you had to work quickly and efficiently under pressure to show that you can still produce quality work even when there’s not much time left.
Answer Example: "In my last role as a financial analyst, I was responsible for compiling monthly reports for my manager by the end of each month. However, one month, I had an unexpected illness that prevented me from working for several days. Despite this, I still managed to complete the report by the deadline and even included extra information that my manager appreciated. This experience taught me that it’s important to stay organized and plan ahead when working under pressure."
This question can help the interviewer determine your level of experience with accounting software. If you have previous experience using specific programs, be sure to mention which ones and explain how they helped you complete your work more efficiently.
Answer Example: "In my last role as a Strategic Finance Associate, I worked with several different accounting software programs. My primary responsibility was to manage the company’s financial records, so I needed to be able to use multiple programs to complete this task. I primarily used Microsoft Excel for data analysis and budgeting, as well as QuickBooks for managing customer transactions and accounts receivable."
This question can help the interviewer understand how you communicate with others and your ability to collaborate. Use examples from past experiences where you worked with management or other colleagues to achieve a goal or complete a project.
Answer Example: "In my last role, I worked with management to create a new budgeting process for our department. We decided to use a software program that would make it easier for us to track expenses and revenues. During our meetings, I made sure to explain each step of the process so everyone understood what we were doing. I also asked questions if someone had questions about a specific part of the process. This helped me understand what they needed help with so I could provide support."
This question is an opportunity to show your finance skills and how you can improve a company’s financial health. When answering this question, it can be helpful to identify the steps you would take to implement the strategy and explain why these steps are important.
Answer Example: "I would start by analyzing our current cash flow and identifying areas where we can increase revenue or reduce costs. I would then create a plan to implement strategies that will help us improve our cash flow. For example, I would look at our billing process and see if there are any areas where we can increase revenue by charging customers sooner or more frequently."
The interviewer may ask you this question to assess your audit process and how you apply it to a company’s operations. Use examples from previous experiences where you performed an operational audit and the steps you took to complete the task.
Answer Example: "In my last role, I was tasked with performing an operational audit for our company’s financial records. First, I reviewed the company’s policies and procedures for maintaining records. Then, I examined the current system for storing data and identified any areas where improvements could be made. After making recommendations, I implemented new processes to ensure all records were properly maintained."
This question can help the interviewer understand your experience level and how it may relate to their company. Use this opportunity to highlight any unique or impressive experiences you’ve had in the industry, even if they aren’t directly related to the position.
Answer Example: "I’ve worked in both the technology and healthcare industries, which has given me a broad understanding of financial strategies. In my last role, I helped a tech company create a budget for their new product line. We used data from past sales figures to predict how well the new products would do and created budgets based on those predictions. The products did very well, which showed me how effective budgeting can be when done correctly."
This question is your opportunity to show the interviewer that you have the skills and abilities needed for this role. You can answer this question by identifying one or two skills and explaining how they are important for strategic finance associates.
Answer Example: "I think the most important skill for a strategic finance associate is communication. I believe that it’s essential for finance professionals to be able to communicate clearly with their colleagues, clients and other stakeholders. I have always strived to make sure my reports are easy to understand and contain all the relevant information needed for decision-making. This skill has helped me build strong relationships with my colleagues and clients."
This question can help the interviewer understand your experience with financial forecasting and how often you perform this task. Use examples from past work to explain how often you perform financial forecasts, what types of forecasts you create and what purpose they serve in the company.
Answer Example: "In my last role as a Strategic Finance Associate, I performed financial forecasts twice a month to ensure that we had enough cash flow to meet our obligations. I also created monthly budget reports for management so they could stay on top of our revenue and expenses. These reports helped them make decisions about which projects to fund and which ones to cut."
This question is a great way to test your ability to adapt and adjust your work style. It also shows the interviewer that you are willing to work with others and collaborate on projects. When answering this question, it can be helpful to mention a specific change you made in the past when management changed.
Answer Example: "In my last role, there was a change in management that led to me taking on new responsibilities. At first, I was unsure of how to balance both roles but I quickly learned how to adjust my schedule so I could complete everything. Eventually, I was able to give up some of my lesser important tasks so I could focus on the most important ones. This experience has taught me how to be flexible with my responsibilities and prioritize tasks based on importance."
