Finance Associate

 

Description

Do you want to build a career that is truly worthwhile? Working at the World Bank Group provides a unique opportunity for you to help our clients solve their greatest development challenges. The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending poverty in a livable planet. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. For more information, visit www.worldbank.org

Vice-Presidency Context
The mission of the Budget, Performance Review, and Strategic Planning (BPS) Vice Presidency Unit (VPU) is providing the World Bank with trusted advice on financial analysis and business planning.  In executing this mission BPS is organized into three Departments: BPS Strategic Planning (BPSSP) with teams supporting the corporate strategic business and budget planning process; BPS Operations Units (BPSOU) with teams supporting Practice Groups and Regions; and BPS Corporate Units (BPSCU) with teams supporting corporate units, providing capital budget support, and providing BPS systems, knowledge, and shared services.

BPS’ service delivery model has three core roles:  (1) Business Partners (serving clients directly with focus on decision support and performance oversight);  (2) Centers of Expertise (providing thought-leadership and analytics, designing business finance policies, practices and systems, and coordinating knowledge management); and (3) Service Center (managing delivery of high volume and transactional and reporting services across Bank, including help desk support to clients).

UNIT CONTEXT
Sitting within BPSOU, the Resource Management Unit of the Africa Region (BPSAF) is responsible for business planning, budgeting, work programming, deliverables reporting, and financial reporting for all the departments in the World Bank Eastern and Southern Africa Region and Western and Central Africa Region. In addition, in country offices, BPSAF staff performs accounting, payment processing, cash management and administration functions. Overall, BPSAF ensures that each department maintains cost efficiency and effective controls over all financial transactions and provides support for effective management and monitoring of deliverable.

The Finance Associate (FA) position is based in Maseru, Lesotho Country Office within the South Africa Country Management Unit. The Finance Associate will handle accounting, resource management, internal controls, and administration for the country office.

Duties and Responsibilities:
The Finance Associate works independently under the oversight of the Resident Representative, and the Country Office Finance Officer under the overall supervision of region-based Sr. Finance Officer and HQ based Manager. The Finance Associate’s functions range from primary responsibility for accounting transactions and vendor payments, to performing compliance reviews and reporting to central control units, to setting/streamlining procedures in the office while ensuring appropriate controls are in place and supporting and advising staff on a host of Finance topics. Also, the Finance Associate plays a key role in the administration and dissemination of RM policies of the Bank. The Finance Associate is expected to deliver quality work, striking a balance between Finance Management technical excellence and client focus. The incumbent must have strong teamwork within and outside the unit, and the ability to work independently on RM projects with other members of the broader Finance team. Initiative and excellent communications skills, both written and verbal, and interpersonal skills are a must. As with all other BPS staff, FAs are expected to be fungible and able to work across different assignments over time depending on business needs and professional development objectives.

The key accountabilities of the Finance Associate are as follows:

Financial Accounting and Reports:
• Processes accurately and promptly all accounting transactions, including payroll, operating expenses, procurement, travel, consultant payments, vendor payments, charge backs and other office running expenses.
• Processes transactions in the Asset Management module for office inventory.
• Maintains accounts reconciled at any given point in time.
• Regularly reviews the open items, accounts, and resolves any outstanding items within the mandated time frames (mainly, 15/30/60 days).
• Maintains relevant documents and invoices systematically to fully support the accounts.
• Performs Bank account reconciliation and reviews cash flow and replenishment needs.
• Submit Monthly Statement of Reconciliation (MSR) reports within the Institutional deadline (within 10 days after the close of the month).
• Provides references to Bank financial and administrative policies and procedures in administrative expense related subject areas to ensure compliance.
• Monitors operating expenses and highlights potential issues.
• Monthly reviews of exception reports and takes corrective actions (such as missing time, Statement of Expenses (SOE); exceptions, overtime, open purchase orders etc.).
• Generates a variety of standard and customized financial/accounting reports.
• Interacts with clients both inside and outside the Bank, e.g., staff, consultants, vendors, etc., to effect timely payments and resolve accounting related issues.

Accounting Controls:
• Maintains consistency in the application of accounting rules and procedures, including safeguarding of cash and checks.
• Ensures that all transactions have been duly approved and supporting documents have been initialed prior to processing.
• Ensures correct General Ledger accounts are used in processing transactions.
• Ensures year-end accrual policy is 100% implemented.
• Reviews, follows up and resolves issues noted in all internal control review exercises reports issued by Accounting Department (accounting scorecard and Quality Assurance Review (QAR), Country Office field Visit).

General Administration:
• Handles local purchasing of supplies, equipment, and contracts for services.
• Maintains and updates records and reports on status of inventory and physical assets.
• Handles a variety of general office administrative matters and other ad-hoc duties as required (e.g., travel, security, workshops, and conferences etc.).
• Provides information and assistance on benefits policies and related issues (e.g., financial assistance loans, dependency allowance, medical benefit, overtime pay).
• Processes short-term consultant contracts in accordance with guidelines.

Selection Criteria

• Minimum Education/Experience: Bachelor’s Degree in Accounting, Business, Finance, or other relevant discipline; or Non‐relevant bachelor’s degree plus one of the following: (1) CIMA Advanced Diploma in Management Accounting; or (2) ACCA Advanced Diploma in Accounting and Business; or (3) equivalent country‐level accounting certificate.
• Minimum Years of Relevant Experience: At least 1 year of relevant experience, but it is preferred to have a candidate with professional experience for two years or longer.
• Language skill: Proficient in English with ability to communicate effectively orally and in writing.
• Demonstrated expertise in handling transactional level financial/accounting works.
• Demonstrated expertise in financial reporting, budget planning and monitoring, and internal control.
• Demonstrated competency in people relations.
• Competence in the use of MS Office software such as (Word, Excel, and PowerPoint).
• Good working knowledge of financial systems, such as, SAP.

General Competencies
• Integrity and Independence: Prepares accurate reports, ensuring that pertinent facts are fairly presented, shares information freely.
• Statutory and other Stakeholder Reporting: Can produce pro-forma financial statements and reports; familiar with disclosure requirements and accompanying notes, and management and auditor’s reports.
• Internal controls and corporate procedures: Can analyze data and business processes to determine the viability of controls and procedures and identify any issues or areas of risk.
• Governance: Able to interpret the fundamental resource management requirements of a client’s governing structures and to provide basic budget analysis.
• Planning and Budgeting: Can produce standard reports and budgets and analyze budget information; understand the entity’s funding structure and sources.
• Performance Evaluation and Reporting: Able to determine the information needs of users and present information that supports management decision making.
• Management Information and Tools Design: Able to analyze management information needs, accurately define requirements and ensure the quality of information produced.
• Financial Strategy: Understands what impacts the strength and integrity of the entity’s income statement and balance sheet, and the Bank’s lending products and basic pricing structures.
• Tasks and Workflow Management: Has excellent workflow management and task organization skills; able to take responsibility for all aspects of coordination of the workflow of assigned responsibilities.
• Transactions Processing and Quality Control.

Core Competencies 
• Client Orientation: Take personal responsibility and accountability for timely response to client queries, requests or needs, working to remove obstacles that may impede execution or overall success.
• Drive for Results: Take personal ownership and accountability to meet deadlines and achieve agreed upon results and has the personal organization to do so.
• Teamwork (Collaboration) and Inclusion: Collaborate with other team members and contribute productively to the team’s work and output, demonstrating respect for different points of view.
• Knowledge, Learning and Communication: Actively seek knowledge needed to complete assignments and share knowledge with others, communicating and presenting information in a clear and organized manner.
• Business Judgment and Analytical Decision Making: Analyze facts and data to support sound, logical decisions regarding own and others’ work.

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.