Job description

Financial managers oversee all aspects of an organisation's financial activities, including accounting, budgeting and investing. They monitor all financial transactions to assure they comply with legal requirements. Financial managers also compile business and financial reports and create forecast models. They advise management on cost-cutting measures, investment strategies and expansion opportunities.

Duties

    • Supervise employees performing accounting, billing, collections, payroll and other financial activities
    • Direct the financial planning, budgeting and investment activities of all or a part of the organisation
    • Stay current with all organisational policies, accounting standards, federal and state directives
    • Prepare or oversee preparation of all financial reports required internally or by regulatory agencies
    • Conduct data analysis and create forecast models to advise management on short- and long-term financial objectives
    • Analyse market trends for increased profit and expansion opportunities
    • Monitor all financial transactions and cashflow activities for accuracy and legal requirements
    • Review company budget and financial statements for ways to reduce costs
    • Evaluate staff performance and make suggestions for changes in personnel
    • Assist management in all financial matters including mergers, insurance and taxes

Skills, qualities and knowledge

Economics
Mathematics
Accounting
Government regulations
Critical thinking
Problem-solving
Active listening
Communication
Time management
Decision-making
Leadership
Teamwork
Stress tolerance
Attention to detail
Dependability
Integrity

Working hours and environment

Average working hours

40hweek

Typical schedule

Full Time

Overtime work likely

Financial managers work full time in an office environment, often in financial or insurance institutions. A substantial part of the job involves coordinating with other departments as well as top executives. You will have wide-ranging responsibilities that may require putting in overtime.

Salary

Bottom 10%

$68k

Median

$130k

Top 10%

$210k

Annual salary estimates are based on percentile wage data collected through the Occupational Employment Statistics (OES) survey of US workers.

Qualifications and training

Education level

Undergraduate

DVM / VMD degree

Study time

4years

Financial managers advance after five years or more experience in a business or finance-related job such as accountant or financial analyst. Employers typically require a bachelor's degree in finance, accounting, economics or business administration, though some also request an additional master's degree.

You may set yourself apart from other financial manager candidates by obtaining certification in your field. Most certifying agencies have minimum education and service requirements. Options include certification as a Chartered Financial Analyst (CFA), Certified Treasury Professional or Certified Public Accountant (CPA).

Some companies also provide training programmes to allow their current financial staff to obtain the skills necessary for a managerial role.

Job outlook

Projected growth
The projected growth rate of employment in the US from 2018 to 2028, based on data collected through the BLS Employment Projections (EP) programme. The national average growth rate for all professions is 5%.

16%

No of new jobs
The number of jobs projected to become available in the US between 2018 and 2028, based on data collected through the BLS Employment Projections (EP) programme.

104.7k

Automation risk
The probability of computerisation, based on data published in ‘The Future of Employment’, a 2013 working paper by Carl Benedikt Frey and Michael Osborne.

6.9%

Career progression

Financial managers work in a variety of companies and fields, and you have specialty options that include roles as treasurer, controller, risk or insurance manager. Experience in different specialties as well as a master's degree in finance will create a path for advancement to a position as Chief Financial Officer (CFO).