Finance Manager: What is the cost of hiring?

Why hire a financial manager?

Hiring a skillful financial manager will ensure strong preservation and less slippage of financial resources within the organization. They’re concerned with financial planning, budgeting, allocation, disbursement, review and evaluating every possible option of cost reduction.

• Thorough financial planning and interpreting financial information and trends and suggesting a future course of action
• Comparing budgeted vis-à-vis costs and implementing different cost reduction strategies
• Setting financial goals of the finance department and designing a robust framework to align it with organizational missions and deliverables

Deciding between a full-time vs freelance financial manager

A company might consider hiring a freelance financial manager to temporarily replace a previous one or act as an interim manager during the recruitment, interviewing, screening and training of a full-time replacement. An establishment experiencing sudden growth can hire a freelance financial manager temporarily to determine if it needs a full-time manager. 

Most large companies have a full-time financial manager to create financial reports, manage the company’s investment opportunities and delegate tasks to the financial team to realize the company’s fiscal goals. A full-time financial manager studies the financial health of an organization and creates long-term goals. 

What are the ranks of financial managers?

Financial managers are just one of the rungs of the financial industry ladder. Including the manager, some of the positions in this field include:

• Chief financial officer: The chief financial officer is at the top of the command chain in the financial field. They’re responsible for hiring upper management in the department and making major financial decisions for the company.
• Financial manager: Financial managers are supervisory employees who focus on the day-to-day aspects of the department. They create financial reports and develop short- and long-term goals for the company.
• Payroll/accounts receivable/accounts payable managers: These types of managers are in charge of one section of the financial department. They oversee the work of employees below them and ensure the company’s needs are met. 
• Accountant: Accountants are entry-level employees in the financial field who are responsible for performing basic financial tasks. They keep records of the company’s financial transactions, prepare reports for their superiors and analyze the company’s fiscal health. 

Where to find financial managers

To find the right financial manager for your business, consider a few recruiting strategies: 

• Promote from within. Conduct performance reviews for current employees in the financial department. Some of them, including managers and accountants, may have the potential to move up to the financial manager position.
• Network. Maintaining relationships with others working in the financial industry can provide leads regarding potential candidates.
• Post flyers. Hanging help wanted signs is almost always a helpful way to attract candidates.
• Search online. Employers can find both freelance and full-time financial managers advertising their services on the internet. 
• Use social media. Making posts on social media accounts can cast a wide net searching for potential candidates.  
• Post your job online. Try posting your financial manager job on Indeed to find and attract quality financial manager candidates.

Skills to look for in a great Financial Manager

A financial manager acts as a Financial Health Checker of a company by using his knowledge and experience and align every cost with the organizational budget. To hire an efficient Finance Manager, having relevant experience and requisite skill set are of prime importance.

• Bachelor’s degree in Finance or Accounting, having Masters is a plus.
• Over 5 years of experience in the financial manager or related position
• Professional qualifications like CPA/ CFA is an absolute advantage
• Thorough understanding of financial and accounting principles along with relevant statutory legislation.
• Proven communication and presentation skills
• Sharp analytical mind with attention to minute details

Writing a financial manager job description

A thorough job description will help in finding a suitable candidate for the finance manager position. The finance manager’s job description should have clearly outlined roles with detailed job duties and expected skills.

When writing your financial manager job description, consider including some or all of the following keywords to improve the visibility of your job posting . These are the most popular search terms leading to clicks on financial manager jobs, according to Indeed data:

• Finance manager
• Finance
• Manager
• Automotive finance manager
• Accounting 
• Banking
• Finance manager automotive
• Accounting manager
• Management
• Automotive

Interviewing financial manager candidates

Hiring the right person as a financial manager helps maintain the financial health of a company. Candidates should be able to answer questions regarding:

• Financial planning and budgeting
• Knowledge of financial concepts and accounting principles
• How they’ve filled the gap between budgeted and actual organizational expenditures

Need help coming up with interview questions? See our list of financial manager interview questions for examples (with sample answers).