How to Hire a Financial Manager

Does your growing business need a financial manager? A financial manager checks and maintains the financial health of a company and is responsible for day-to-day financial planning.

Here are some tips to help you find great financial manager candidates and make the right hire for your business.

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Financial managers searching for jobs on Indeed*

147,246

Job seekers that clicked financial manager jobs

31,895

Resumes for job seekers with financial manager experience on Indeed

5,393

Financial manager jobs that received clicks

What is the cost of hiring financial manager?

  • Common salary in US: $98,008 yearly
  • Typical salaries range from $20,000$234,000 yearly
  • Find more information on Indeed Salary

*Indeed data (US) – April 2021

As of April 2021, financial manager jobs in the U.S. are very competitive compared to other job markets, with an average of 27 job seekers per financial manager job.

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 officerThe 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. 
  • AccountantAccountants 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.

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 officerThe 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. 
  • AccountantAccountants 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. 

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).

FAQs about how to hire a financial manager

Do I need to hire a financial manager?

If your company is experiencing rapid growth, it may be best to hire someone to manage the company’s finances. This can lower the risk of mistakes in bookkeeping, reduce the company’s operational costs and raise profits. So although you don’t need to hire a financial manager, it’s highly recommended. 

How do I choose between two quality financial manager candidates?

If you can’t decide between two financial manager candidates, it’s better to choose the candidate with more experience or the one who fits in better with the established staff. 

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