What does a Financial Manager do?
A Financial Manager work closely with a business’ management and executive team creating financial plans to help the organization stay financially stable and make wise investments. They analyze current trends in the market and potential financial opportunities to determine if certain investments or financial decisions are in the best interest of the company.
Financial Managers are also responsible for researching their company’s financial legal requirements and ensuring the organization remains compliant. They constantly monitor the company’s financial reports to determine different ways to maintain or reduce company costs.
Financial Manager skills and qualifications
A successful candidate for a Financial Manager role will likely hold several prerequisite skills and qualifications required to carry out their duties. As this is generally an executive-level role, most candidates will hold bachelor’s degrees in a related field along with several years of experience in the industry:
- Demonstrated strategic planning experience at a management level
- Experience in managing budgets and forecasting
- Experience in providing data analysis and producing reports
- High-level experience with financial and/or accounting software
- Industry-specific qualifications as required
- Strong communication and presentation skills
- In some cases, Financial Managers will hold a Chartered Financial Analyst (CFA) qualification.
Financial Manager salary expectations
A Financial Manager makes an average of $72,243 per year. Salary may depend on level of experience, education and the geographical location.
Financial Manager education and training requirements
Financial Managers typically hold a bachelor’s degree in a relevant field such as finance, economics or accounting. In some cases, a master’s degree in finance, economics or business administration can be advantageous. Similarly, some Financial Managers also hold a Chartered Financial Analyst (CFA) qualification although it is often not required. Further training and industry certifications may be required depending on the industry.
Financial Manager experience requirements
Financial Managers typically have a minimum of five years’ experience within a relevant field such as accounting, financial services, banking or compliance. Financial Managers often work within banks, investment and insurance companies. However, they can also find employment within other industries such as healthcare and education. On the job experience with data analysis, reporting, and developing financial strategies will position candidates in an ideal space to move into a Financial Manager role. Example jobs that can lead into Financial Manager roles can include Finance Manager, Finance Analyst and Business Analyst.
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