Finance Budget Allocation Manager

Shimento - Morristown, NJ

Full-time

Morristown, NJ

Professional, Scientific, and Technical Services

About the position

The Finance Budget Allocation Manager is responsible for overseeing the distribution of revenue, expenses, and capital across various business units within the bank. This role involves developing and implementing cost allocation methodologies to ensure accurate and equitable distribution of expenses, supporting decision-making, and facilitating financial reporting. The manager collaborates with department heads and finance team members to assess cost drivers, establish allocation criteria, and monitor allocation performance.

Responsibilities

• Develop and implement allocation methodologies, models, and frameworks to guide allocation decisions.
• Establish allocation criteria, cost drivers, and allocation bases to allocate costs in a transparent and consistent manner.
• Monitor cost allocation performance against established criteria, budgetary targets, and financial plans.
• Collaborate with department heads, project managers, and finance teams to assess cost allocation needs, priorities, and challenges.
• Facilitate communication and coordination among departments to ensure alignment of cost allocation decisions with organizational objectives.
• Generate reports, analyze allocation data, and provide insights to senior management on cost trends, variances, and areas for improvement.
• Continuously review and enhance cost allocation processes, methodologies, and systems to adapt to changing business needs and industry best practices.
• Solicit feedback from stakeholders, conduct post-implementation reviews, and incorporate lessons learned into future allocation practices.
• Document and socialize allocation methods and drivers.
• Assist management with ad-hoc reporting and requests from the line of business.

Requirements

• Bachelor's degree in business, Finance, Accounting, or other related field.
• Minimum of 7 years with experience in Management Reporting and Allocations.
• 7 years of financial banking experience.
• Strong expertise in MS Office Suite, particularly Excel.
• Solid understanding of accounting principles.
• Ability to reason and make sound decisions.
• Ability to work well under pressure in a fast-paced environment.
• Strong verbal and written communication skills.
• Strong organizational skills and ability to multi-task.
• Proven ability to develop and maintain business relationships across the bank.

Nice-to-haves

• Master's Degree in Financial Services or Banking experience.
• Working knowledge of relevant software applications, VBA, and Power BI.

Benefits

• Hybrid work arrangement, with 3 days per week in the Morristown office.