Financial Analyst
Chennai, India
JOB DETAIL
Description
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
The IFC Controllers Department is responsible for effectively and efficiently managing IFC’s Financial Operations (loan, equity and short-term finance operations, and back-office treasury support operations), Financial Reporting (including reporting and analysis, portfolio review, investment accounting and accounting policy), Internal Controls, and Financial Integration, Systems and Projects. The Department comprises approximately 130 diverse and highly skilled staff, based in Washington DC, and Chennai.
The Reporting and Analysis unit (CNTRA) within the Controllers Department is responsible for preparing timely and accurate periodic financial reporting to internal and external stakeholders and facilitating the external audit and issuance of audit and review opinions by the external auditors on IFC’s annual and quarterly financial statements. The CNTRA unit provides assurance on the integrity of the financial ledgers and financial information. Unit is responsible for coordination of the monthly closing process, including advising and liaising with the decentralized accounting business units. Reporting and Analysis team also work with other units in determining the impact of new and proposed accounting standards and new complex transactions in Financial Statements and Management reports.
CNTRA has co-located some aspects of its work program to IFC’s Chennai Office (CNTCO), who have recruited staff in the IFC Financial Reporting team (CNTFM) to deliver this work program. The position will report to the Team Lead of CNTFM Financial reporting unit in Chennai.
IFC Controllers Department is seeking a Financial Analyst in the CNTFM unit in Chennai to help support across all functions described above, including the preparation of IFC’s quarterly and annual financial reporting, perform analytical review of business unit results for management reporting, creation of efficiencies through automation and streamlining of deliverables, and participating in testing and implementation of new enhancements.
The successful candidate is expected to have exposure to accounting developments and be proactive in responding to the rapidly changing accounting and business environment. The selected candidate will be required to work across team functions and become a fully functional team member within a short timeframe. He /She should be able to establish productive relationships with staff at all levels within the team and across various units of IFC.
Roles and Responsibilities
The Financial Analyst will work as part of a team of professionals to fulfill IFC Financial Reporting team’s (CNTFM) mandate. This role requires frequent interaction with internal counterparts in Controllers, WBG Finance and Accounting (WFA), Budget and Business Administration (CBA), Treasury, Information Technology (ITS and CIT), Internal Controls and the external auditors. Her/his tasks and responsibilities will include, but are not limited to:
• Support the monthly closing process, including reviewing financial results for reasonableness, and performing other control activities
• Assist with the preparation, review, and filing of the quarterly and annual MD&A and financial statements, including disclosures and various Management reports
• Develop and maintain procedures related to the monthly closing process, the preparation of the financial statements, and other periodic reporting
• Perform analytical reviews, including researching and documenting significant fluctuations in balance sheet and income statement accounts, performing reasonableness checks, and other ad hoc analysis
• Perform analyses of the impact of market movements (i.e., interest rates, exchange rates, etc.) on the IFC’s portfolios / financial instruments (e.g., IFC debt portfolio, equity investments, borrowings, and liquid assets)
• Assist in creating efficiencies and enhancing the value of our work by streamlining and automating our current reporting processes
• Participate in the testing and implementation of new features or enhancements to existing accounting and reporting systems
• Research and respond to questions and queries received from internal clients, external auditors, and senior management
• Provide direction, training and guidance as needed to junior members in the team and serve as an adequate source of help for inquiries
Selection Criteria
• Qualified Accountants (CA/CPA/ACCA). Bachelor’s / advanced degree in a related field will be a plus
• Minimum of 3 years of post-qualification experience in similar or complementary roles is required
• Knowledge and experience with US GAAP/IFRS with specific regards to financial products (e.g., loans, equity investments, bonds, swaps, options), product life cycles and legal structures that may have accounting ramifications would be a plus
• Excellent analytical skills. The ability to develop and apply methodologies to test and explain changes in financial trends and results using computer assisted techniques
• Understand accounting information flows across multiple systems (corporate centralized databases, accounting subsystems and general ledger, MIS etc.)
• Hands on experience in statutory and management reporting for a financial institution
• Experience performing account reconciliations and analysis independently, proficient in working with large volume of data and diligent in documenting workflows
• Competent in office technology tools, including Word and Power Point and demonstrated strength with Excel.
• Demonstrated ability to learn new technology quickly and effectively use it for maximum productivity. Knowledge of SAP will be an advantage
• Effective communication skills (in English), both written and oral
• Ability to work independently, take initiative, and anticipate and respond quickly to situations
World Bank Group Core Competencies
The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.
We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.
Learn more about working at the World Bank and IFC, including our values and inspiring stories.
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