Finance Budget Allocation Manager

Budget Allocation Manager

Morristown, NJ / Hybrid role

6- 12 Months Contract to Hire

Required Qualifications:

• 7 years of financial banking experience
• Strong expertise in MS Office Suite
• Excellent communication skills
• Ability to interface effectively with Finance and Lines of Business.
• Direct reporting to Finance Department

Schedule:

• Hybrid work arrangement
• 3 days per week in Morristown office

Job Overview

The Financial Allocation Mgr. is responsible for ensuring the distribution of revenue, provision, expense, and capital across various business units of the bank. Develops and implements cost allocation methodologies to ensure accurate and equitable distribution of expenses, support decision-making, and facilitate financial reporting. This role collaborates with department heads, finance team members, and other stakeholders to assess cost drivers, establish allocation criteria, and monitor allocation performance.

Required Skills:

• Expertise in Excel and overall MS Office suite and a working knowledge of relevant software applications, VBA and Power BI a plus.
• 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.

Required Experience:

• Bachelor's degree in business, Finance, Accounting, or other related field.
• Minimum of 7 years with experience in Management Reporting and Allocations.

Preferred Experience:

• Master's Degree, Financial Services or Banking experience.

Job Description

Responsibilities include but are not limited to:

• 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.
• Assists management with ad-hoc reporting and requests from the line of business.