London Manufacturing Jobs

Financial Analyst

by Magna International Inc.

Location: St. Thomas, ON
Date Posted: Feb 10, 2021
Magna International Inc.

Job Description


Financial Analyst


Group Description


Cosma provides a comprehensive range of body, chassis and engineering solutions to global customers. Through our robust product engineering, outstanding tooling capabilities and diverse process expertise, we continue to bring lightweight and innovative products to market.



Company Introduction

Formet is one of the largest manufacturing employers in Southwestern Ontario producing body and chassis components for assembly plants across North America. Our 1.1 million square foot facility features industry-leading hydroforming, roll-forming, hot-stamping, robotic assembly and post-assembly coating processes. At Formet, we take care of each other and live by the motto “One Team. One Formet.”

Position Summary

This position is responsible for tracking, recording and preparation of the Divisions financial status.

Minimum Qualifications
  • Must hold or be significantly complete the CPA accounting designation with a plan to complete in the next 36 months.
  • Minimum 2 years of general accounting experience
  • Experience with integrated financial/manufacturing software packages

Recommended Qualifications
  • Experience in standard cost accounting preferred
  • 2 years of general accounting experience in a manufacturing environment

Duties and Responsibilities
  • Perform all duties and promote themselves in a manner that reflects Formet Expectations and Formet’s Visions/Values through Magna’s Employee Charter.
  • Follow and abide by all government, Legal, Magna and Formet rules and regulations.
  • Contribute to continuous improvement and cost reduction activities.
  • Safeguard all financial documents and keep all financial matters private and confidential.
  • Develop and maintain good procedures and systems for all required financial tracking.
  • Protect the assets of the company by continual review and awareness of internal control issues, with appropriate recommendations for improvements.
  • Maintain accurate tracking of all Engineering changes and spending, by keeping the FEC settlement current and reconciling the F6 schedule.
  • Analyze Cost Center Reports for MOH analysis.
  • Accurate tracking of all capital commitments and spending by keeping the fixed asset database current.
  • Capital Packages
    • Review and maintain standard as directed by group office.
    • MCS upload and monthly updates.
  • Responsible for performing regular fixed asset audits as required by Magna Financial Policies.
  • Maintenance of standard cost tracking and allocation system by collecting and analyzing operation data, and establishing standard or expected costs.
  • Establish policies and procedures to ensure accurate tracking of material, labour and overhead costs in the plant.
  • Understand all plant processes and be able to forecast and explain trends and variances.
  • Study any proposed changes to plant operations, analyze for cost / benefit implications, and make recommendations.
  • Be actively involved in managing and analyzing material cycle counts and physical inventory.
  • Track and explain all plant scrap costs.
  • Reconcile and explain changes to production and MRO inventory related balance sheet accounts.
  • Understand and explain all changes to budgeted or forecasted gross margin, compared to current results.
  • Ensure the accuracy and integrity of all computerized financial records relating to costing and inventory systems, including bills of material, on hand balances, standard costs, etc.
  • Ensure that all applicable general ledger accounts are reconciled / analyzed to a level acceptable to both internal and external audit tests.
  • Assist in the preparation of the annual business plan and other forecasts or analysis as required.
  • Upload trail balance to Hyperion for Corporate.
  • Liaison with internal and external auditors to ensure compliance, perform YE Working Papers
  • Prepare any required returns for Stats Canada.
  • Maintain and reconcile prepaid schedules.
  • Maintain master record general ledger and HFM mapping.
  • Perform other duties as designated.


Shift: Days

  • Overtime after 44 hours per week.
  • 2 weeks of paid vacation (3 weeks after 3 years) + 3 Personal Paid Holidays (PPH) + 2 half days.
  • Medical and Dental Coverage.
  • Plant wide Incentive Program – based on a number of factors, all members of our team receive an Incentive Bonus, if requirements are met. 
  • Magna Profit Sharing.
  • Matched GRRSP.
  • Company paid life insurance and AD&D coverage.
  • Educational Assistance program.
  • Subsidized Cafeteria.
  • Work boot, safety glasses and custom molded earplug allowances.
  • Weekly pay via direct deposit.
  • Company paid uniforms (if you choose to use).
  • Barbecues and Children’s Christmas Party.
  • Roger’s cell phone plan available to Formet Team Members - $40.00 / month
  • Employee discounts (new vehicle, amusement parks etc.)

Working Conditions
  • Office and Manufacturing Environments.
  • Able to work shift work.
  • Able to be flexible in hours of work in order to meet internal/external customer requirements (scheduled and non-scheduled overtime shifts, etc.)

Safety and Housekeeping
  • Responsible to adhere to all Health and Safety programs in accordance with the O.H.S.A.
  • Follow and ensure the company’s procedures regarding safety rules and regulations are followed throughout the plant.
  • Ensure that you work and operate equipment according to Formet’s safety rules and regulations.
  • Active role in maintaining excellent housekeeping through leading by example.
  • Ensure that your department is clean, tidy, organized and a safe workplace at all times.
  • As with Safety, Security is everyone’s responsibility and Formet requires its employees to contribute to this activity by immediately notifying your supervisor when you identify security issues that affect the integrity of our supply chain, in accordance with PIP (Partners in Protection) and C-TPAT (Customs – Trade Partnership Against Terrorism) requirements.

Equipment and/or Product

Standard Office Equipment.

Additional Information

Accommodations for disabilities in relation to the job selection process are available upon request.

03--Finance F--Permanent/Regular 


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