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What is a Personal Financial Statement?

The personal balance sheet, the income statement, why use a personal financial statement, download the personal financial statement template, related articles, personal financial statement.

An individual’s financial position at a given point in time

A personal financial statement is a document, or set of documents, that outlines an individual’s financial position at a given point in time. It is usually composed of two sections – a balance sheet section and an income flow section.

Although an individual can use more complex personal financial statements, this article will focus on a simple version. The format outlined in this article is a good starting point for individuals who are new to using personal financial statements to record their personal finances.

The balance sheet part of the personal financial statement lists the individual’s assets and liabilities , just as the balance sheet for a business lists all the assets and liabilities of the business.

The sample personal balance sheet shown above outlines John’s financial position as of August 8, 2017.

As can be seen from the balance sheet, John’s total assets are worth $353,600. His total liabilities are $260,500.

Thus, from analyzing the MS Excel balance sheet, we see John’s net worth is $93,100.

The simple format used above can be modified per an individual’s requirements. For instance, Bob might have 5 checking accounts, 5 savings accounts, 3 houses, and 3 cars. With a few modifications, the template used by John can also be used by Bob.

Unlike the balance sheet, which lists out all stock variables affecting an individual’s financial position, the income statement lists out all flow variables affecting an individual’s financial position.

The sample personal income statement shown above lists John’s monthly income and expenses.

As can be seen from the income statement, John’s total monthly income is $12,000. His total monthly expenses are $9,350.

A combined view:

A personal financial statement can be a very valuable tool in planning out one’s finances. It is usually goal-oriented and can help an individual reach his or her financial goals, especially for young professionals entering the workforce for the first time. Most of these people are new to financial planning and a simple personal financial statement is an easy place to start.

Why Create a Personal Financial Statement in MS Excel?

• – It is easy to add entries, make changes, etc.
• – Cloud services such as iCloud or Google Drive allow the user to access his or her financial statement remotely.
• – As an individual gains experience regarding financial planning, he or she can make use of the tools offered by MS Excel for financial planning.

Download the free Excel template now to advance your finance knowledge.

Thank you for reading CFI’s explanation of a personal financial statement. To learn more about finances, cash flows, and financial statements, see the following free CFI resources:

• Balance Sheet
• Income Statement
• Cash Flow Statement
• Three Financial Statements
• See all wealth management resources
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• Personal Financial Statement

Written by True Tamplin, BSc, CEPF®

Reviewed by subject matter experts.

Updated on November 15, 2023

Get Any Financial Question Answered

Table of contents, what is a personal financial statement.

A personal financial statement is a report or set of documents that summarizes an individual's financial situation at a particular time.

It is often divided into two sections: the balance sheet and the income statement.

The balance sheet provides a breakdown of assets and liabilities, while the income statement summarizes income and expenses.

General information about an individual, such as name and address, may also be included in a personal financial statement.

Individuals can use personal financial statements to monitor their current economic situation.

What Personal Financial Statement Includes

A personal financial statement is typically divided into two sections. These are:

Balance Sheet

The financial statement contains a section known as a balance sheet, which summarizes a person's assets, including cash and investments , and liabilities like debts or loans.

The balance sheet is also used to calculate an individual’s net worth, which is the value of assets minus the amount of liabilities.

Income Statement

The next section, the income statement , details the flow of income and expenses that influences a person's financial situation.

Income statements list all sources of income, such as salaries, bonuses, and dividends .

Expenses such as insurance payments, electricity, or grocery bills are also included.

What Personal Financial Statement Excludes

A personal financial statement does not include the following items:

Company Assets and Liabilities

Company resources and debts are removed from the financial statement unless the individual has direct and personal responsibility.

When someone personally guarantees a loan for their business, the loan is included in their personal financial statement.

Loaned Items

Loaned assets are not owned, so they are not included in personal financial statements.

However, if an individual owns a property and rents it out to others, then the property's value is included in the financial statement list.

Personal Belongings

Furniture and home goods are often not shown as assets on a personal balance sheet since they cannot be easily sold to pay off a loan.

Personal goods with high monetary value, such as jewels and antiques, may be included if their worth can be shown by an evaluation.

Personal Financial Statement Example

Let us look at an example of a personal financial statement using the hypothetical case of Jeffrey.

Below is an example of what Jeffrey’s balance sheet may look like in spreadsheet form.

As shown above, Jeffrey has $295,500 worth of assets. This includes the assets like a house, a vehicle, bank accounts, and a retirement account.

Now let us say he has $101,000 in liabilities as well. This includes credit card debts, student loans and mortgages.

With this information, his balance sheet should reflect a net worth of $194,500.

Here is an example of what Jeffrey’s income statement may look like in spreadsheet form:

As shown above, Jeffrey receives a total monthly income of $14,200 and spends a total of $8,610 in expenses.

After subtracting expenses from income, Jeffrey has a net income of $5,590.

Taken together, Jeffrey’s balance sheet and income statement provide useful information about his current financial situation.

How to Create a Personal Financial Statement

Let us look at a guide on how to create a personal financial statement.

How to Create a Personal Balance Sheet

• List All Assets

Indicate the dollar value of the assets to be declared. Accuracy is important, particularly when creating a statement for the purpose of borrowing.

Find the total value of all available assets.

• List All Debts

Liabilities come from debts. State the obligations that have to be settled and debts to be paid.

Common items include credit card debts, mortgage debts, and student loans.

Find the total value of all liabilities.

• Determine the Net Worth

Net worth is calculated by deducting total liabilities from total assets.

How to Create a Personal Income Statement

• List all Money Received from Various Sources

Determine the amount of money coming in from various sources. This usually includes regular income received monthly.

• List all Expenses

Make a list of all monthly spending. Start with fixed costs before moving to variable costs.

• Determine Net Profit or Loss

The net profit or loss can be calculated by subtracting the total monthly expenses from the total income or revenue generated in that month.

Importance of a Personal Financial Statement

Here are some reasons why it is important to create a personal financial statement.

Financial Planning

A personal financial statement is an important tool that can be used for financial planning.

It provides a snapshot of an individual's financial situation at a particular point in time, which can be helpful in making future projections and plans.

The statement can also be used to track progress over time and to identify areas where improvements can be made.

Personal financial statements are essential when filing taxes because they summarize income made throughout the year.

They also provide an idea of possible deductions that can be made to lower an individual’s tax rate.

Loan Application

Personal financial statements are often required when applying for credit, such as a loan or mortgage .

Lenders use the information in the statement to assess an individual's ability to repay the debt and to determine the interest rate that will be charged.

In some cases, a personal financial statement may be used in lieu of a credit report when applying for credit.

Final Thoughts

A personal financial statement can be a helpful tool in managing finances and making future plans.

Personal financial statements include balance sheets to monitor assets and liabilities and income statements to track an individual’s income and expenses.

Details on the assets and liabilities related to an individual’s businesses, any rented items and personal belongings are not included in a personal financial statement.

Personal financial statements can be used for a variety of purposes, including financial planning, overviewing an individual's financial situation, and loan applications.

Personal financial statements must be updated on a regular basis to provide an accurate picture of an individual’s current economic situation.

Personal Financial Statement FAQs

What is a personal financial statement.

A personal financial statement is a report or set of documents that summarizes an individual's financial situation at a particular time.

What is included in a personal financial statement?

A personal financial statement includes information on an individual's balance sheet and income statements. The balance sheet provides a summary of assets and liabilities, whereas the income statement summarizes revenue and costs.

What is excluded from a personal financial statement?

Personal financial statements do not include details of a company’s assets and liabilities, loaned items, and personal belongings.

Why is a personal financial statement important?

It is important because it provides a snapshot of an individual's financial situation at a particular point in time. It can help to identify areas where expenses may be excessive or where there is room to make cuts in order to save money. The statement can also be used to track progress toward financial goals.

What does a personal financial statement show?

A personal financial statement shows an individual's assets, liabilities, income, and expenses. It can help to identify areas of financial strength and weakness and to track progress over time.

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide , a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University , where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon , Nasdaq and Forbes .

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The Complete Beginner Guide to Personal Financial Statements

No one wants to be broke, living paycheck to paycheck, or struggling with money. Everyone wants to succeed with their finances. But many people struggling with their finances don’t know how their money works. If you really want to succeed in personal finance, you have to treat your finances like a business with personal financial statements.

Think of yourself like a business

Successful businesses do not just guess how they are performing, they perform detailed analyses regularly. As a corporate accountant and financial analyst for nearly a decade, I spent my work days looking into the details of products at multibillion-dollar companies. We didn’t guess how our finances worked, we understood everything from revenue sources to expenses for every product and customer.

We should take the same approach to our personal finances. In “the business of you,” you have the same concerns as any corporation. Businesses have to generate enough revenue to cover all expenses and have leftover cash to reinvest or pay owners as profit. You also need to earn each month to cover your expenses and have enough left over for savings, investments, and a little fun.

To understand how your personal business is performing, you need the same financial reports that business managers and investors use to make the best decisions. These financial statements are the balance sheet, income statement, and cash flow statement. Lucky for us, with some great, free tools at our disposal, putting together our own personal financial statements isn’t all that difficult or time-consuming.

If you follow along, you will end with your own personal balance sheet, personal income statement, and personal cash flow statement. You will have enough information at your fingertips to understand where your money comes from, where it is going, what you have, what you owe, and if you are on track to meet your financial goals.

Get your financial information in one place

To start, you need all of your financial information in one place. Some people might gather a stack of paper financial statements, but I prefer to log into one website or app and have everything quickly available. I have used similar sites since 2007, and my longtime favorite is Empower . When I log into Empower , I can view a snapshot of all of my financial accounts. I can view balances in one place, or click to view recent transactions and more account details. Take a look at a sample dashboard below.

Empower tracks my spending by category and calculates my net worth automatically. While it is incredibly useful for all of these features, and that’s why we need it today, the most powerful features focus on your investments. Empower will conduct an automatic investment analysis for every connected account. I used information on investment fees to shift to similar, lower-fee mutual funds to save over $300 per year in investment fees. Over the years, that is thousands of dollars I will have for retirement I don’t have to give away to big companies.

So start out by heading to Empower and connecting all of your bank, credit card, loan, and investment accounts. If you connect every financial account, you’ll have the big picture of your finances you need to build all of the financial statements below. Everything we’ve discussed is completely free of charge, which is awesome!

If you have more than $100,000 in investable assets, you may be contacted by Empower for additional investment services. They offer a great advising product, but you are not obligated to accept and can always use the Empower dashboard and tools for free.

Personal Financial Statements: Balance Sheet

In personal finance, we discuss our net worth or the total value of our assets fewer debts. Businesses have the exact same thing, but they call it a balance sheet. A balance sheet shows the net worth of a business, but on a balance sheet, net worth is called shareholder’s equity.

For those of us who have not taken accounting , here is a quick rundown. Assets on the left, liabilities on the right, and shareholder’s equity below liabilities. Assets + Liabilities = Shareholders Equity.

A personal balance sheet is a snapshot in time. From month to month as you earn money and spend money, your personal balance sheet changes daily. If you make a purchase on your credit card, your liabilities increase. If you get paid, your assets increase. If you buy something with cash, your assets go down. This type of change in your balance sheet happens every time you make a purchase or enter into any type of financial transaction.

How to Build a Personal Balance Sheet

I have built a monthly personal balance sheet every month since July 2008. I use a free website called NetWorthShare to track my net worth, which I do every month. I have an epic tracking page of all monthly net worth entries from 2009 to 2011 here . Thanks to the built-in charts, you can watch my net worth slowly build before grad school, drop to near zero as I finished my MBA program, and slowly climb with some real estate-related jumps.

To gather the data for my personal balance sheet, I use my account balances at Empower , the home value from RedFin , and update my car values annually from Kelley Blue Book . Here is a screenshot of my update from January 2017, before I bought my current home.

As you can see, this month my cash went down, other assets ( Lending Club loans that I cashed out) went down, and my credit card balances went way down. I pay my credit cards off in full every month but do to all of my spending on credit cards to maximize travel miles and points for free trips . My stocks and retirement balances were up thanks to a good month in the stock market, and this was the first month I started tracking my wife’s car in our net worth.

This month my net assets were up $12,297 and my debts were down $2,070. My net worth was up $14,367 for the month, or 3.60%.

I started tracking my net worth shortly after leaving college, which makes this a nearly complete view of my net worth over my career. The biggest jumps were all related to buying and selling homes. They make it seem like the big swings from grad school tuition were not so big after all!

Understanding Your Balance Sheet

Assets as a positive number plus liabilities (a negative number) give you your personal net worth. This snapshot from an earlier net worth update shows how equity fits into the balance sheet and makes the personal balance sheet look more like a business balance sheet.

Ultimately, the goal is the grow your equity, or your net worth, over time. Remember that your personal finances are a marathon, not a sprint, and you won’t see your net worth skyrocket instantly. If it was easy to get rich quickly, everyone would be rich! The chart above tracks my net worth for more than nine years!

Analyzing Your Balance Sheet

If you look at business balance sheets for public companies, you will find that most have a positive value for shareholders equity on the balance sheet, but not all. Some have a negative net worth, which is not sustainable in the long run. The same is true for our personal net worths. If you have more debts than you do assets, you have a negative net worth.

This is not uncommon. As student loans and other debt balances rise across the country, more people find themselves buried under debt owing far more than they have. If you have a negative net worth, flipping that balance from red to black should be a top priority. When you budget well and spend less than you earn, higher net worth is inevitable.

Stock analysts and financial analysts use some financial ratios to measure a business’s financial health. We can use the same math for our personal balance sheet to get a better view of your financial health. For example, the quick ratio, also known as the acid test, shows the ability to pay bills over the short term.

To calculate the quick ratio, we divide current assets over current liabilities. “Current” assets are cash and equivalents, while current liabilities are any debts owed in the next month. Large businesses use debts due within one year when calculating the quick ratio.

Using the snapshot of the balance sheet above, the quick ratio is calculated as follows: 12,768/227. In this case, the quick ratio is 56.25. That means I could cover my current liabilities 56 times with my current assets. This is a great result. A quick ratio of 1.0 means you are living literally month to month, or paycheck to paycheck. A quick ratio below 1.0 means you are dealing with immediate liquidity issues and can’t make all required payments.

While the short-term assets category for companies is anything due within a year, I am using within one month as current as that is more appropriate for a person making regular bill payments. From big swings in income or big debt payments, you can undergo a big change in a month’s time. That is why I like to track my finances every month.

Personal Financial Statements: Income Statement

Next, we are going to look at our earnings and expenses over a period of time. This is measured with the income statement or in our case a personal income statement. I actually put together an income statement every month for my business. I give a high-level view every month in my monthly income reports . An income statement is also called a profit and loss statement, or a P&L. I can view my business P&L quickly in Quickbooks .

Below is a screenshot of my business income statement for August 2017. In my regular income reports, I take out my own paycheck (included in the cost of labor) and taxes. This is the full version I use for accounting , income taxes, and financial planning.

While you could use Quickbooks for your personal finances, it may be overkill. But again, Empower has you covered. But before we look at that, let’s look at an old-school spreadsheet example I put together in Microsoft Excel. Here is a personal income statement based on a hypothetical situation. These are fabricated numbers just for this post, and any resemblance to anyone’s actual finances is purely coincidental. I made this spreadsheet publicly available here in  Google Sheets .

So, a net income is what you keep after everything you earn and spend. Your net income at the end of a time period rolls into your balance sheet as cash or assets. There is no right or wrong net income. There is only one rule, IT HAS TO BE GREATER THAN ZERO! The bigger the better. You should put that net income into savings or retirement. You could even put savings as a category under expenses or a deduction of income in the revenue section to build in your savings.

The Empower income statement is displayed as cash flow. Here is a screenshot of the expense section from Empower. When your accounts are connected, your cash flow is automatically calculated for you without doing any work!

Getting details from your income and expense category breakdown is even more helpful. You can look for opportunities to cut expenses, improve your budget , pay off debt, and boost your savings. Your personal income statement is a valuable tool. Use it to make sure you always spend less than you earn so your net worth will rise every month.

Learn More Best Budgeting Apps: Mint Alternatives

Personal Financial Statements: Statement of Cash Flow

The last major statement is the statement of cash flow. For personal financial statement purposes, this is very similar to the personal income statement, so we won’t spend as much time here as we did on the other two. However, it is still an important concept to understand.

In business, the statement of cash flow shows all cash in and out of the business broken down into three categories: operations, investing, and financing.

For personal purposes, the traditional cash flow statement breakdown is not quite as useful. However, every month we all have cash come in (hopefully) and cash goes out. At the end of the day, the accounting statements above show us what assets we have and what liabilities we owe, but not our cash position. That is what the statement of cash flow is for.

The goal here is to minimize cash outflow from operations (living expenses). You also want to see the final “Total Cash Flow” be positive, indicating a net increase in cash.

I have saved this template as another  Google Spreadsheet that anyone can access . Feel free to copy it to your own Google Drive account or into a spreadsheet file on your computer. The only cells that you need to fill in are the grey ones. Everything else is automatic.

What Do Personal Financial Statements Mean?

To wrap up this guide to personal financial statements, we will explore the results and what they really mean for your finances.

The Personal Balance Sheet gives us our liquidity position.  To analyze the information here, look at the quick ratio and acid test.  If your current assets do not meet or exceed your current liabilities, you need to make a quick change to your financial situation.

The Personal Income Statement tells you how much you make in a given period as a net income.  A high net income means you have a good income/spending gap.  A negative net income means you are spending more than you make and should make a quick lifestyle change.

The Personal Cash Flow Statement gives you a breakdown of your cash position in a period.  It is okay for you to have a negative cash flow in some instances, such as paying down debt.  If you do this for too long, however, you will end up in trouble with debt.

Stock analysts grade companies every day and give them ratings for creditworthiness and investment grade.  Compare yourself to publicly traded companies by calculating their quick ratio , return on assets , and profit margin . It is a fun exercise to see your financial health, putting you on track to living a more profitable life.

What is your stock worth? Would an investment in your business be a smart bet? Make your finances something you can be proud of. Take advantage of income from your job and side hustles . Your money should be helping you live the life you want, not holding you back.  If your personal financial statements say otherwise, it’s time to get profitable.

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Finance personal statements

On this page you'll find a collection of real personal statements written by students applying to study finance courses at university.

These personal statements are written by real students - don't expect them all to be perfect! But by reading through a few of these samples, you'll be able to get some ideas and inspiration for your own personal statement. 

Finance personal statement examples

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• Personal statement advice: business and management

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Whether talking about a recent news story, how you meet targets in your weekend job, or simply why you want to study business at uni, that spark of genuine motivation and enthusiasm will get you noticed. That's what business admissions tutors told us when we asked them what they look for – and here are some more of their top tips.

Find out everything you need to know about writing your personal statement , including how to write a killer opening and our top tips.

A spot-on business personal statement – in a nutshell

Dr Pam Croney, admissions tutor at Newcastle Business School at Northumbria University, is especially looking for evidence of:

• an independent learner
• a thinker and doer
• an innovator or potential entrepreneur
• a good communicator who likes giving presentations
• an interest in what's happening out there in the business world

Can you demonstrate any of these?

She also likes it when applicants give their own views on a topical issue, like why you think a particular company crashed, what sparked the revival of a vintage brand, or whatever else gets you fired up. Admissions tutors love to know what you’re genuinely enthusiastic about!

What business and management tutors are looking for

• Structure and organisation: to study management, you need to demonstrate that you are capable of managing yourself. Your personal statement needs to be structured, organised, and free of spelling or grammatical errors.
• First impressions count: Sue Blything-Smith, Business and Management Admissions Tutor from University Campus Suffolk, says 'you should aim to be unique and original and provide a good opening line that reveals something about your aptitude and enthusiasm’. She really likes to see statements that demonstrate personality and flair but don't go too over the top: keep it formal and remain objective.
• Examples of your relevant skills: Sue is also impressed by applicants who describe situations where they’ve demonstrated relevant skills like good communication or teamwork, problem-solving, initiative, leadership, or achieving goals.
• Research the course: London School of Economics is keen to know things like why you want to study management, what specific aspects of their course interest you, how it relates to your academic studies, and what additional reading or other activities have led you to apply.
• Entrepreneurial flair: Bournemouth likes its business studies applicants to show they are 'self-starters' who enjoy identifying and solving business problems.

Making your business experience count

It’s not just what you've done but how you've reflected on it. If you work-shadowed the CEO of a multi-national company, that's great, but it will have zero impact unless you spell out what you personally gained from it.

Similarly, if your part-time supermarket job or role in a Young Enterprise programme has helped you develop your skills and confidence, that’s great too. But it will only have an impact on your statement if you explain how or give an actual example.

It's the "how" that brings your statement to life and makes it interesting and personal. So try to think of specific occasions or unique ways you have demonstrated your potential, or maybe something you've observed about customer behaviour, management styles or an effective (or ineffective) marketing campaign.

It's even better if you can then link it to something you've learned in your business, economics, or psychology studies, or read in the Financial Times, The Economist, or on the BBC website.

Or consider the transferable skills you've gained through extracurricular activities and how they can show what the University of Bath describes as 'an active interest in understanding people, work, and organisations'.

Check out our guide to business, management, and administrative studies  to find out what courses are available, areas of employment, and where to find out more about careers.

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• Finance Personal Statement Examples

Here are two finance personal statement examples from some of the best students in undergraduate and postgraduate programmes. Both examples you can use as inspiration and motivation to write your own personal statement for university . 

Finance Personal Statement

Ever since I discovered my passion for the finance industry at a young age, I have been determined to pursue a career as a financial consultant and advisor. It is this unwavering ambition that has led me to apply for the MSc course in Finance at the esteemed London School of Economics and Political Science (LSE). I firmly believe that this course will provide me with the necessary tools and knowledge to achieve my career goals by expanding my understanding of financial products, the intricate workings of financial markets, and investment banking.

The reputation of LSE as a university of academic excellence is one of the key reasons for my decision to apply. I am aware of the university’s ability to equip students with critical analysis skills that are essential for becoming leaders in their chosen sectors. Moreover, being located in the heart of London provides unparalleled opportunities for networking and professional development in the world of business and finance. The course’s comprehensive approach, which strikes a balance between theoretical and practical modules, is also highly appealing to me.

My educational background in accounting has laid a solid foundation for my advanced studies in finance. Through my coursework in accounting, I have developed strong numerical skills and gained practical experience in management accounting and reporting roles within financial firms. It was during my studies that I discovered a particular interest in Strategic Financial Management, where I was introduced to financial products such as equities, derivatives, fixed income, and bonds, along with their significance in financial markets. Building on this knowledge, I have become a qualified accountant and have gained valuable work experience as an Associate at Deloitte, where I am part of the project management team, responsible for decision support. This role has honed my ability to work under pressure and within tight time constraints, allowing me to meet urgent and conflicting deadlines.

To stay up-to-date with the dynamic financial market, I avidly follow financial news through subscriptions to reputable media platforms such as the Financial Times, the Economist, and Bloomberg. Additionally, I engage in various hobbies such as travelling, watching movies and documentaries, and reading to broaden my knowledge and stay informed about current affairs. As a sports enthusiast, I follow tennis, football, boxing, and Formula One racing. These diverse interests have cultivated qualities such as ambition, intuition, focus, and self-discipline, which drive me to excel in any endeavour. I value the input and opinions of others, making me an effective team player, while also possessing the independence and initiative to work autonomously. I firmly believe that these qualities will contribute to my success as a finance analyst and enable me to excel academically.

Looking toward the future, I aspire to establish a reputable financial consulting firm in my home country, Nigeria. This firm would provide a range of financial services to both companies and public institutions. I recognise that achieving this goal will require years of experience, cultivating the right connections, and personal determination. Pursuing an MSc in Finance from LSE will better equip me to manage corporate, strategic, and financial opportunities, while also providing the opportunity to learn from talented professors and compete with exceptional graduates. I am convinced that this course is a crucial step toward realizing my long-term aspirations.

The increasingly evident impact of financial risk on our world has captivated my interest like never before. The interplay between the financial sector, government, and the general public dominates news stories, emphasizing the significance of understanding the industry. With my passion for finance nurtured from an early age, I have dedicated myself to attaining a comprehensive understanding of both the theoretical and practical aspects of global finance through high-level studies and extensive work experience in diverse industrial and international contexts.

Currently, in my fourth year of a degree in Finance, Risk, and Investment at Caledonian University, I have developed a strong foundation of knowledge in the field. Moreover, I have delved deeper into specific areas

Finance Personal Statement Example

Since my early years, extensive international travel has shaped my perspective on the world, particularly the stark economic contrasts between the ‘Third World’ and the ‘Western World.’ Having the privilege of experiencing different cultures and economies through my parents, who have lived in Africa, Europe, and the USA, I have developed a deep curiosity about the mechanisms that drive global economies. This curiosity has led me to pursue Economics at A Level, as I believe it is at the core of world discussions and can provide a comprehensive understanding of current news articles and their correlation to the subject.

Through my readings, such as Tim Harford’s ‘The Undercover Economist,’ I have come to appreciate the analogy that economics is like engineering, offering insights into how things work and the consequences of changing them. I see economics as an intricate puzzle, requiring economists to integrate economic theories with government policies to solve complex economic problems. Attending conferences at prestigious institutions like the University of Warwick and Oxbridge has broadened my perspective on economics, with theories like Freakonomics intriguing me and sparking a desire to explore the unexpected links between seemingly unrelated phenomena.

My passion for economics is complemented by a strong affinity for mathematics , which has been nurtured since my childhood. From playing mental maths games to tackling complex problem-solving at A Level, I have developed analytical abilities that were put to the test during a taster day at Cass Business School. Through quick thinking and effective teamwork, I excelled in a trading shares simulation, resulting in my group being the most profitable. Furthermore, my participation in a business management enterprise day at the University of the West of England allowed me to showcase my skills, leading to the recognition of the ‘Best Business Idea.’

To gain practical experience in the finance sector, I sought work opportunities that would provide me with invaluable insights. My time at Britannia Building Society exposed me to the inner workings of retail banking, allowing me to shadow the branch manager, work closely with financial planning advisors, and handle transactions at the tills. This experience introduced me to financial assets, including options for investing in bonds, shares, and increasing savings. Additionally, working at Harrison’s Accountancy and Insolvency Agency gave me valuable knowledge about liquidations and insolvencies of businesses, further solidifying my interest in pursuing a career in finance.

Staying updated with current financial affairs is crucial to me, and I regularly read the economy sections of reputable sources such as the BBC website and The Economist. Subscribing to a weekly update from RBS provides me with topical developments in the financial markets. Alongside my commitment to academic and professional pursuits, I have also developed essential skills through my job at O2 Retail. This experience has sharpened my interpersonal skills and honed my ability to negotiate mutually beneficial deals for both customers and the company. As a captain of my football team, I have learned the value of leadership, motivation, and maintaining high team morale, skills that have translated into success in class debates and the trading shares simulation at Cass Business School.

During a recent trip to Switzerland, I had the opportunity to meet with the assistant vice president at Credit Suisse, who shared insights into exchange rate processes within a leading investment bank. These conversations further solidified my understanding of the close relationship between economics and the finance sector.

Through a comprehensive study of Level Economics and practical experiences, I have been able to bridge the gap between theory and real-world situations. Engaging with professionals in the field has deepened my appreciation for the vital connection between economics and finance. I am confident that pursuing a university education will equip me with the necessary knowledge and skills to navigate the dynamic and fast-paced world of financial markets.

My passion for finance and economics was sparked by the Lehman Brothers’ bankruptcy and the subsequent financial crisis when I was 21 years old. The events of that

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Personal Cash Flow Statement

Personal balance sheet, bringing them together, the bottom line.

• Personal Finance
• Budgeting & Savings

Evaluating Your Personal Financial Statement

Tips to help with budget planning and figuring your net worth

Many individuals look at their bank and credit card statements and are surprised by how much they've spent. One simple method of accounting for income and expenditures is to keep personal financial statements just like the ones used by corporations. Financial statements provide you with an indication of your financial condition and can help with budget planning. There are two types of personal financial statements: the personal cash flow statement and the personal balance sheet .

Key Takeaways

• You can create your own personal financial statements to help with budget planning and to set goals for increasing your net worth.
• Two types of personal financial statements are the personal cash flow statement and the personal balance sheet.
• The personal cash flow statement measures your cash inflows or money you earn and your cash outflows or money you spend. This determines if you have a positive or negative net cash flow.
• A personal balance sheet summarizes your assets and liabilities to calculate your net worth.

A personal cash flow statement measures your cash inflows and outflows to show you your net cash flow for a specific period. Cash inflows generally include:

• Interest from savings accounts
• Dividends from investments
• Capital gains from the sale of financial securities like stocks and bonds

Cash inflow can also include money received from the sale of assets like houses or cars. Your cash inflow essentially consists of anything that brings in money.

Cash outflow represents all your expenses regardless of size. Cash outflows include these types of costs:

• Rent or mortgage payments
• Utility bills
• Entertainment, such as books, movie tickets, and restaurant meals

The purpose of determining your cash inflows and outflows is to find your net cash flow. Your net cash flow is simply the result of subtracting your outflow from your inflow. A positive net cash flow means that you earned more than you spent and you have some money left over from that period. A negative net cash flow shows that you spent more money than you brought in.

A balance sheet is another type of personal financial statement. A personal balance sheet provides an overall snapshot of your wealth at a specific period in time. It's a summary of your assets or what you own and your liabilities or what you owe. It results in your net worth : your assets minus liabilities.

Your Assets

Assets can be classified into three categories:

• Liquid Assets: These are things you own that can easily be sold or turned into cash without losing value. They include checking accounts, money market accounts, savings accounts, and cash. Some people include certificates of deposit (CDs) in this category but the problem with CDs is that most of them charge an early withdrawal fee, causing your investment to lose a little value.
• Large Assets: Large assets include houses, cars, boats, artwork, and furniture. Make sure to use the market value of these items when you're creating a personal balance sheet . You can use recent sales prices of similar items if it's difficult to find a market value.
• Investments: Investments include bonds, stocks, CDs, mutual funds , and real estate. You should record investments at their current market values as well.

Your Liabilities

Liabilities are what you owe. They include current bills, payments still owed on some assets like cars and houses, credit card balances , and other loans.

The "debt avalanche" and the "debt snowball" are two popular methods for paying off liabilities such as credit card debt.

Your Net Worth

Your net worth is the difference between what you own and what you owe. This figure is your measure of wealth because it represents what you own after everything you owe has been paid off. You owe more than you own if you have a negative net worth.

You can increase your net worth by increasing your assets or decreasing your liabilities. You can increase assets by increasing your cash or increasing the value of any asset you own. Just make sure that you don't increase your liabilities along with your assets.

Your assets will increase if you buy a house but your liabilities will also increase if you take out a mortgage on that house. Increasing your net worth through an asset increase will only work if the increase in assets is greater than the increase in liabilities. The same goes for trying to decrease your liabilities. A decrease in what you owe has to be greater than a reduction in assets.

Personal financial statements give you the tools to monitor your spending and increase your net worth. They're not just two separate pieces of information. They work together.

Your net cash flow from the cash flow statement can help you in your quest to increase your net worth. You can apply the money to acquiring assets or paying off liabilities if you have a positive net cash flow in a given period. Applying your net cash flow toward your net worth is a great way to increase assets without increasing liabilities or to decrease liabilities without increasing assets.

What Are Some Examples of Non-Liquid Assets?

Non-liquid assets are those that you can't sell or dispose of quickly if you need cash. Real estate, automobiles, artwork, and jewelry are all non-liquid assets. They can also lose value in the sales process. You might purchase your home for $350,000 and then have to sell it for only $300,000 if you find yourself in an emergency where you have to liquidate assets as quickly as possible to raise cash.

How Much Does the Average American Spend a Year?

The U.S. Bureau of Labor Statistics reported in September 2023 that average annual expenditures per household were $72,967 in 2022. This was up 9% from the year before. Average income before taxes increased only 7.5% during the same timeframe.

How Much Money Should I Have in Savings?

It's been said that you should save six months' worth of living expenses tucked away but the U.S. Securities and Exchange Commission puts a slightly different spin on that. It says you should have six months' worth of income saved. That works out to $30,000 if you earn $60,000 a year.

The SEC also suggests that you might want to consider paying off your high-interest credit card debt to amass some savings rather than invest your money, hoping to earn some. You might find that the amount you're saving on interest is more than a safe investment such as a money market or mutual fund would pay you in a given period.

Approach your finances like a financial advisor during your annual review . If you have a negative cash flow or you want to increase positive net cash flow, the only way to do it is to assess your spending habits and adjust them as necessary. You'll be well on your way to greater financial security if you use your personal financial statements to become more aware of your spending habits and your net worth.

Cornell Law School Legal Information Institute. " Liquid Asset ."

U.S. Bureau of Labor Statistics. " Consumer Expenditures—2022 ."

U.S. Securities and Exchange Commission. " Financial Navigating in the Current Economy: Ten Things to Consider Before You Make Investing Decisions ."

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Personal statement example accounting and finance (with a placement year) personal statement.

Submitted by Theviya

Learn to improve corporation value.

Get practical skills that can be applied to all companies, making you a valuable asset to potential employers. Secure a spot to study Accounting at Bradford.

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Study an Accounting degree accredited by major professional bodies, leading to exemptions from various professional accounting examinations.

Accounting and Finance (with a Placement Year) Personal Statement

Having an interest in the world of commerce and industry, I believe that studying Accounting and Finance at a higher level will help me to reach my goal of becoming an accountant. I first came to realize that I have a deep interest in this course when I took part in a fundraising competition in year 6. I had to trade to capitalize on profit, to raise money for Children in Need. At this very young age, I had to do some bookkeeping of what I’d purchased, the prices of the items, profit and loss. Bookkeeping experience has developed and enabled me to win the competition. I was awarded a certificate for raising the largest sum for charity. This was the most memorable achievement for me.

I am outstanding with problem-solving and thinking from a businessperson’s perspective. Therefore, I decided to do business studies as a subject. During my studies in Business, I came to be more inquisitive in what I was learning, as I once had to analyse and interpret financial statements of various mainstream companies. This has given me the opportunity to explore the basic methods of bookkeeping in the corporate world.

I'm currently studying ICT, which involves many mathematical programmes such as learning various types of functions on Excel and performing a range of calculations using data models. I strongly believe that this subject is relevant in modern day accountancy. Business has expanded my knowledge of operations. Currently, I work with customer services and advise in the retail sector. Moreover, ICT will broaden my acquaintance of Microsoft Excel, as this is the key component for Accounting; Excel was designed to support accounting functions such as preparing financial statements. Travel and Tourism is a way to see the world and I have learnt a lot on globalisation and GDP. I’m also doing an Extended Project Qualification on the globalization of financial reporting.

I recently completed my work experience with Bank of England and my role was a learning & development assistant placed in the Human Resources department, where I had to manage spreadsheets of upcoming events. I also helped the Learning & Development team by inputting data of their stock take from their suppliers into Excel. Working in this department has strengthened my public speaking and communication skills, as I did a presentation in front of many departments who work for the bank. When working as a teaching assistant, at a primary school I taught mini maths lessons from this I commended on my time management and adaptability.

I’ve always met deadlines. Adaptability skill was gained as I’ve adapted into every department I’ve worked in the school and I knew how to deal with the different year groups. Outside of academic pursuits, I enjoy watching The Apprentice and Dragons Den as these shows expand my business skills. I also like to go shopping with my friends and families; as these activities help me relax, especially during the exam period. I’m planning to do both an under and post-graduate degree in Accounting.

As Steve Jobs said: “The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.” It is fundamentally crucial to choose that which you love, to be able to be that which you can be.

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Finance Business Partner CV example

If you’re able to provide strategic advice and implement financial plans to achieve business goals, you could be the perfect partner.

But when it comes to big financial decisions, companies can’t just hire anyone. You need to prove you have the experience and acumen to drive the business forward.

This requires a strong CV, which is why we’ve put together this guide. Check out all our top tips, complete with a finance business partner CV example to inspire your own.

CV templates 

Finance Business Partner CV example

Use this CV example as a guide to formatting and structuring your Finance Business Partner CV, so that busy recruiters can easily digest your information and determine your suitability for the role.

It also provides some insight into the key skills, experience and qualifications you need to highlight.

Finance Business Partner CV layout and format

Your CV is the first impression you’ll make on anybody who reads it.

A disorganised, cluttered and barely-readable CV could seriously decrease your chances of landing interviews, so it’s essential to make sure yours is slick, professional and easy to navigate.

You can do this by using a clear structure and formatting your content with some savvy formatting techniques – check them out below:

Tips for formatting your Finance Business Partner CV

• Length: Whether you’ve got one year or three decades of experience, your CV should never be more than two sides of A4. Recruiters are busy people who’re often juggling numerous roles and tasks, so they don’t have time to read lengthy applications. If you’re a recent graduate or don’t have much industry experience, one side of A4 is fine.
• Readability : Make sure your CV is easy to read and looks professional by applying some simple formatting tricks. Bullet points are great for making large paragraphs more digestible, while formatting your headings with bold or coloured text will help the reader to find the information they need, with speed.
• Design: It’s generally best to stick to a simple CV design, as funky or elaborate designs rarely add any value to your application. A clear, modern font and a subtle colour scheme work perfectly and allow your skills, experience and achievements to speak for themselves.
• Photos: Headshot photos aren’t required in a CV by most employers, but some creative and artistic industries like to see them. If you decide to include one, make sure you look smart and professional in the picture.

Quick tip: Creating a professional CV style can be difficult and time-consuming when using Microsoft Word or Google Docs. To create a winning CV quickly, try our quick-and-easy CV Builder and use one of their eye-catching professional CV templates.

CV structure

When writing your CV , break up the content into the following key sections, to ensure it can be easily digested by busy recruiters and hiring managers:

• Contact details – Always list these at the very top of your CV – you don’t want them to be missed!
• Profile – An introductory paragraph, intended to grab recruiters attention and summarise your offering.
• Work experience / career history – Working from your current role and working backwards, list your relevant work experience.
• Education – Create a snappy summary of your education and qualifications.
• Interest and hobbies – An optional section to document any hobbies that demonstrate transferable skills.

Now you understand the basic layout of a CV, here’s what you should include in each section of yours.

Contact Details

Make it easy for recruiters to get in touch, by heading your CV with your contact details.

There’s no need for excessive details – just list the basics:

• Mobile number
• Email address – Use a professional address with no nicknames.
• Location – Just write your general location, such as ‘London’ or ‘Cardiff’ – there’s no need to put your full address.
• LinkedIn profile or portfolio URL

Finance Business Partner CV Profile

Your CV profile (or personal statement , if you’re an entry-level applicant) provides a brief overview of your skills, abilities and suitability for a position.

It’s ideal for busy recruiters and hiring managers, who don’t want to waste time reading unsuitable applications.

Think of it as your personal sales pitch. You’ve got just a few lines to sell yourself and prove you’re a great match for the job – make it count!

CV profile writing tips:

• Make it short and sharp: Aim for a short, snappy paragraph of 3-5 lines. This is just enough room to showcase why you’d make the perfect hire, without going into excessive detail and overwhelming busy recruiters.
• Tailor it: If recruiters don’t see your suitability within a few seconds, they may close your CV straight away. Your CV profile should closely match the essential requirements listed in the job ad, so make sure to review them before you write it.
• Don’t add an objective: Leave your career objectives or goals out of your profile. You only have limited space to work with, so they’re best suited to your cover letter .
• Avoid generic phrases: Clichés like “ blue-sky thinker with a go-getter attitude” might sound impressive to you, but they don’t actually tell the recruiter much about you. Concentrate on highlighting hard facts and skills, as recruiters are more likely to take these on board.

Example CV profile for Finance Business Partner

What to include in your finance business partner cv profile.

• Experience overview: To give employers an idea of your capabilities, show them your track record by giving an overview of the types of companies you have worked for in the past and the roles you have carried out for previous employers – but keep it high level and save the details for your experience section.
• Targeted skills: Ensure that your profile highlights your key skills that are most relevant to your Finance Business Partner, and tailor them to match the specific job you are applying for. To do this, refer to the job description to closely align your skills with their requirements.
• Key qualifications: If you have any qualifications which are highly relevant to Finance Business Partner jobs, then highlight them in your profile so that employers do not miss them.

Quick tip: If you are finding it difficult to write an attention-grabbing CV profile, choose from hundreds of pre-written profiles across all industries, and add one to your CV with one click in our quick-and-easy CV Builder . All profiles are written by recruitment experts and easily tailored to suit your unique skillset.

Core skills section

In addition to your CV profile, your core skills section provides an easily digestible snapshot of your skills – perfect for grabbing the attention of busy hiring managers.

As Finance Business Partner jobs might receive a huge pile of applications, this is a great way to stand out and show off your suitability for the role.

It should be made up of 2-3 columns of bullet points and be made up of skills that are highly relevant to the jobs you are targeting.

Important skills for your Finance Business Partner CV

Financial analysis – Interpreting financial data, analysing trends, and providing insights to senior management to support decision making.

Forecasting and budgeting – Forecasting future financial results based on historical trends and market data, and in creating and managing budgets.

Business acumen – Maintaining a strong understanding of business operations and how financial performance impacts business outcomes.

Stakeholder communication – Utilising excellent communication skills to articulate complex financial information to non-financial stakeholders in a clear and concise manner.

Financial modelling – Building complex financial models to help with forecasting, decision making and analysis.

Stakeholder management – Developing and maintaining relationships with stakeholders, including senior management, business partners, suppliers, and customers.

Data analysis – Utilising Excel and other financial software tools to extract, manipulate and analyse large data sets.

Risk management – Utilising knowledge of risk management concepts, including identifying, assessing, and mitigating financial risks.

Strategic planning – Developing financial strategies to support the overall business strategy.

Leadership – Leading and managing a team, motivating team members, and ensuring that the team’s objectives align with the organisation’s goals.

Quick tip: Our quick-and-easy CV Builder has thousands of in-demand skills for all industries and professions, that can be added to your CV in seconds – This will save you time and ensure you get noticed by recruiters.

Work experience section

Now it’s time to get stuck into your work experience, which should make up the bulk of your CV.

Begin with your current (or most recent) job, and work your way backwards.

If you’ve got too much experience to fit onto two pages, prioritise space for your most recent and relevant roles.

Structuring each job

Lengthy, unbroken chunks of text is a recruiters worst nightmare, but your work experience section can easily end up looking like that if you are not careful.

To avoid this, use my tried-and-tested 3-step structure, as illustrated below:

Firstly, give the reader some context by creating a punchy summary of the job as a whole.

You should mention what the purpose or goal of your role was, what team you were part of and who you reported to.

Key responsibilities

Using easy-to-read bullet points, note down your day-to-day responsibilities in the role.

Make sure to showcase how you used your hard sector skills and knowledge.

Key achievements

Lastly, add impact by highlight 1-3 key achievements  that you made within the role.

Struggling to think of an achievement? If it had a positive impact on your company, it counts.

For example, you might increased company profits, improved processes, or something simpler, such as going above and beyond to solve a customer’s problem.

Sample job description for Finance Business Partner CV

Work for a leading pharmaceutical company based in London with an annual turnover of £30 million, managing the finances of the company’s clinical development business unit and providing financial support and guidance to the senior management team.

Key Responsibilities

• Lead the financial planning and analysis process for the clinical development business unit
• Collaborate with multidisciplinary teams to develop and implement the annual budget
• Monitor and report on financial performance and provide analysis of variances
• Develop and maintain financial models to support business planning and forecasting

Quick tip: Create impressive job descriptions easily in our quick-and-easy CV Builder by adding pre-written job phrases for every industry and career stage.

Education and qualifications

In your education section, make any degrees, qualifications or training which are relevant to Finance Business Partner roles a focal point.

As well as mentioning the name of the organisation, qualification titles and dates of study, you should showcase any particularly relevant modules, assignments or projects.

Hobbies and interests

Although this is an optional section, it can be useful if your hobbies and interests will add further depth to your CV.

Interests which are related to the sector you are applying to, or which show transferable skills like leadership or teamwork, can worth listing.

On the other hand, generic hobbies like “going out with friends” won’t add any value to your application, so are best left off your CV.

Once you’ve written your Finance Business Partner CV, you should proofread it several times to ensure that there are no typos or grammatical errors.

With a tailored punchy profile that showcases your relevant experience and skills, paired with well-structured role descriptions, you’ll be able to impress employers and land interviews.

Good luck with your next job application!

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What is a business management personal statement?

You are required to write a business and management personal statement to showcase your main strengths, skills, experience and career goals to your chosen universities.

Admissions tutors want to see candidates with business and/or management experience that they can apply to their course.

It should also convey your passion for the subject, as well as why you want to pursue a degree in this area.

How do I write a business management personal statement?

It’s a good idea to start your statement with why you want to study business and and management at university (rather than just business ). For example, you may want to focus on the management part and why this interests you.

Make sure you back up everything with examples, which means having a good list of notes about your experience.

A good business and management personal statement should be written concisely, with a clear structure, including a memorable conclusion.

For inspiration on how to write your own unique statement, take a look at some of our business and management personal statement examples above (please don't copy them!), which will help you decide what to include.

What should I include in my business management personal statement?

It’s important you talk about skills and experience from all areas of your life and try to relate them to hobbies or extracurricular activities, especially if they are relevant to your course.

Think about how any work experience has helped you, what you have learned from it, and how it might be useful in your degree.

University admissions tutors want students on their course that are going to work hard and be of benefit to their department.

For more help and advice on what to include in your business and management personal statement, please see:

• Personal Statement Editing Services
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• Analysis Of A Personal Statement
• The 15th January UCAS Deadline: 4 Ways To Avoid Missing It
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• Personal Statement Timeline
• 10 Top Personal Statement Writing Tips
• What To Do If You Miss The 15th January UCAS Deadline.

Further resources

For more information about business management degrees and careers, please visit the following:

• Business & Finance - National Careers Service
• What jobs can you get with a busines degree in the UK?
• 18 Career Paths in Business
• Business careers advice for school leavers
• What can you do with a business degree?

Related resources

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