Budget management is crucial for supporting the financial health of an organization. People in accounting, consulting and finance regularly create budgets at work. If you have an upcoming interview in a related field, prepare by reviewing budgeting techniques and financial tactics. In this article, we explain what budget management is, offer 11 example budgeting questions for interviews and provide sample answers.
Operations Management | P&L Statement |
How comfortable are you using budgeting software programs?
Most large companies use multiple software programs within each of their departments. If an interviewer asks you this question, they likely want to know if you are already familiar with the programs that they use. Make sure that your answer reflects your personal experience and knowledge and your flexibility and adaptability. Even if you dont have experience with the same programs they use, many employers look for candidates who are highly teachable and open to trying new things.
Example: “Ive used budgeting software programs in my early experience as an accountant and in my current position as a member of the financial advisory team. I find that budgeting software programs are crucial for compiling data and storing information, and theyre also helpful for cross-comparing financial reports with earlier predictions or data from previous years. I have used Centage and Prophix throughout most of my career. I navigate both systems very easily, and Im excited about the idea of learning the ins and outs of another program.”
What steps should a person take to revise a budget plan for a project?
If you are asked a question like this, the interviewer is likely trying to assess your technical knowledge and your ability to be flexible. Be sure that your answer showcases your professional insight and your ability to collaborate with people from other departments when needed.
Example: “Whether you are working on an existing budget for a current or future project, or you are revising a larger department or company budget, revision is a multi-step process. It involves speaking with department heads or project leads about goals, must-haves and any operational or functional concerns they may have.
Once you have gathered enough information about the object of the project or budget design, then you can evaluate the current model against past budgets and future projections. The most crucial component is to make sure that your budget reflects reality, and that you include any relevant information about the economy or changes in brand perception, customer base or consumer trends.”
Using the STAR method during an interview
The STAR method is a specific interview technique for delivering engaging responses to interview questions. If youre asked questions about your behavior or actions at work, or youre asked to describe an instance in which your expertise or experience improved systems or operations at work, using the STAR method can benefit you. Here is a list of what each letter in STAR stands for:
Rarely, does any one candidate fit the job bill perfectly and an employer needs to make a decision on who they believe is the most capable, can hit the ground running and who is mostly likely to come up to speed the quickest. It also depends on what skills the employer feels are the most important to the job.
Once you can convince them, by example, that you are capable of quickly learning new things, you will minimize their concerns and it will no longer be an issue for them. Basically, you just need to address the p&l objection and show them it should not be a concern for them.
This was handled on a more senior level, how can I answer this question to satisfy the interviewer. I am competent and would be able to quickly learn this and generally have all of the other requirements they are looking for. I should mention that my discipline is Distribution/Operations. Your insight would be greatly appreciated.”
Why did you decide for a career of a pilot?
Say them that you enjoy flying, and that you believe to be a responsible person. You can also say that you have all skills and strengths needed for this type of work. Alternatively you can refer to an experience that motivated you to pursue the career, such as meeting a pilot when you were young, or having passion for aircraft models since childhood.
The key is to convince them that you really want the job, and did not apply just because you’ve already spent a small fortune on your studies and training.
The Profit and Loss responsibilities
One of the major questions that many people tend to ask company leaders is whether a person in charge of a product at an organization should be given the role of p&l for their product or not. More so, some people also believe that the responsibility of p&l individual weight above the regular product owners. That being said, p&l individual responsibility is far greater than the role performed by a product manager.
Certainly, you would believe that for a business to survive, scale, and open new branches, the profit gain must be more than the losses at all times. But, on the other hand, too many expenses by the organization can ultimately lead to losses. Profit and loss management then means how a business handles its losses and profits concerning income and expenditure.
FAQ
How do you explain P&L in an interview?
How do you manage P&L responsibilities?
- Complete P&L statements for specific accounting periods. …
- Compare statements. …
- Alter your business finances. …
- Meet with a financial professional. …
- Continue to keep records. …
- Create performance benchmarks. …
- Focus on company-wide sales. …
- Monitor cost increases.
What roles have P&L responsibilities?
What are P&L skills?
