Financial Manager Job Description
There are many types of financial managers, each with specialized responsibilities and goals. Even though their day to day duties can be very different, all financial managers are responsible for helping their organizations meet their financial goals.
Because the responsibilities can vary so much from position to position, it’s hard to talk too specifically about the occupation as a whole. Here are some brief descriptions of some of the most popular financial manager positions.
Risk managers. Even the strongest businesses are at risk of experiencing financial problems, and it’s the job of risk managers to develop plans that will help keep a business afloat in the event of a financial downturn.
Controllers. In many cases, controllers oversee the budgeting, accounting, and auditing departments. They report on an organization’s current financial status, and provide reports that forecast future performance. Because of their deep knowledge of an organization’s finances and goals, they are often deeply involved in budgeting processes.
Treasurers are responsible managing an organization’s money and investments. They are heavily involved in budgeting, and often analyze business objectives to determine how money should be allocated within an organization.
Work Environment and Schedule
Many financial managers work for insurance companies, banks, and the government, but employment opportunities are available with other types of organizations as well.
Monitoring a company’s financial situation requires a lot of work, especially when monthly and quarterly reports are due. During these times, it’s common for financial managers to spend a lot of time at work. Many people in this occupation work hours that far exceed the standard fifty hour work week.
This can be a stressful occupation, especially when the financial situation of their organization is not positive. Breaking bad news is always hard, and financial managers can be under a lot of pressure to develop strategies that will reverse the course of an organization.
How to Become a Financial Manager
A minimum of a bachelor’s degree is required for most financial manager positions, though many employers prefer candidates with a master’s in business or finance.
In addition to the educational requirements, it normally takes at least five years of work experience in a financial occupation before employers will consider a candidate for a financial manager position. Many financial managers gain their experience by working in entry-level positions such as financial analysts, accountants, loan officers, or auditors.
Some financial managers choose to earn a Chartered Financial Analyst certification from the CFA Institute. Most employers do not require the certification, but it can be a good way for managers to demonstrate that they have the required foundation to do the job well.
There are currently 527,100 financial managers in the United States, with 14,280 new financial manager job openings created each year.
Financial Manager jobs are not expected to see much growth beyond their current levels in the next decade.
Financial Manager Salaries
Financial Manager salaries can vary depending on your experience, the location, company, industry, and benefits provided. Nationwide, most financial managers make between $78,300 – $146,200 per year, or $37.65 – $70.26 per hour.