Financial managers oversee the preparation of financial reports, direct investment activities, and implement cash management strategies. Managers also develop strategies and implement the long-term goals of their organization.
Related job titles are: Banking Center Manager (BCM), Service Center Manager, Collections Vice President, Consumer Lending Vice President, Consumer Loan Manager, Electronic Services Vice President, Lending Manager, Loan Servicing Vice President, or Loan Systems Director.
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Important Financial Manager Degree Information -Top of Page-
- About 3 out of 10 work in finance and insurance industries
- Most financial managers need a bachelor's degree, and many have a master's degree or professional certification.
- Experience may be more important than formal education for some financial manager positions—most notably, branch managers in banks
How much does a Financial Manager make in Salary? || Financial Manager Pay -Top of Page-
Median annual wages, excluding annual bonuses and stock options, of wage and salary financial managers were $99,330 in May 2008. The middle 50 percent earned a salary of between $72,030 and $135,070. Many financial managers in both public and private industry receive additional compensation in the form of bonuses which, like salaries, vary substantially by size of firm. Deferred compensation in the form of stock options is common, especially for senior-level executives.
What is a Financial Manager? || What does a Financial Manager do? || Job Descriptions -Top of Page-
The duties of financial managers vary with their specific titles, which include controller, treasurer or finance officer, credit manager, cash manager, risk and insurance manager, and manager of international banking.
Controllers direct the preparation of financial reports, such as income statements, balance sheets, and analyses of future earnings or expenses, that summarize and forecast the organization's financial position. Controllers also are in charge of preparing special reports required by regulatory authorities. Often, controllers oversee the accounting, audit, and budget departments.
Treasurers and finance officers direct their organization's budgets to meet its financial goals. They oversee the investment of funds, manage associated risks, supervise cash management activities, execute capital-raising strategies to support the firm's expansion, and deal with mergers and acquisitions.
Credit managers oversee the firm's issuance of credit, establishing credit-rating criteria, determining credit ceilings, and monitoring the collections of past-due accounts.
Cash managers monitor and control the flow of cash receipts and disbursements to meet the business and investment needs of their firm. For example, cash flow projections are needed to determine whether loans must be obtained to meet cash requirements or whether surplus cash can be invested. Risk and insurance managers oversee programs to minimize risks and losses that might arise from financial transactions and business operations.
Working Conditions for Financial Managers -Top of Page-
Working in comfortable offices, often close to top managers and with departments that develop the financial data those managers need, financial managers typically have direct access to state-of-the-art computer systems and information services. They commonly work long hours, often up to 50 or 60 per week. Financial managers generally are required to attend meetings of financial and economic associations and may travel to visit subsidiary firms or to meet customers.
How to become a Financial Manager || Financial Manager Classes and Degree Programs -Top of Page-
Most financial managers need a bachelor's degree, and many have a master's degree or professional certification. Bank managers often have experience as loan officers or in other sales positions. Financial managers also need strong interpersonal, math, and business skills.
A bachelor's degree in finance, accounting, economics, or business administration is the minimum academic preparation for financial managers. However, many employers now seek graduates with a master's degree, preferably in business administration, finance, or economics. These academic programs develop analytical skills and teach financial analysis methods and technology.
Many financial managers work in accounting departments. Accounting positions normally require workers to be certified public accountants (CPAs). Candidates for financial management positions need many different skills. Interpersonal skills are important because these jobs involve managing people and working as part of a team to solve problems. Financial managers must have excellent communication skills to explain complex financial data.
Financial managers may broaden their skills and exhibit their competency by attaining professional certification. Many associations offer professional certification programs. For example, the CFA Institute confers the Chartered Financial Analyst designation on investment professionals who have at least a bachelor's degree, work experience, and pass three difficult exams. Continuing education is vital to financial managers, who must cope with the growing complexity of global trade, changes in Federal and State laws and regulations, and the proliferation of new and complex financial instruments.
Where are the Financial Manager Jobs? -Top of Page-
Financial managers held about 539,300 jobs in 2008. Although they can be found in every industry, approximately 31 percent were employed by finance and insurance establishments, such as banks, savings institutions, finance companies, credit unions, insurance carriers, and securities dealers. About 7 percent worked for Federal, State, or local government.
Financial Manager Job Opportunities and Outlook -Top of Page-
As the economy expands, both the growth of established companies and the creation of new businesses will spur demand for financial managers. As with other managerial occupations, jobseekers are likely to face competition because the number of job openings is expected to be less than the number of applicants. Candidates with expertise in accounting and finance—particularly those with a master's degree or certification—should enjoy the best job prospects. An understanding of international finance, derivatives, and complex financial instruments is important. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.